LISLE, Ill. – Navistar International returned to profitability in the fourth quarter of 2017, reporting Q4 net income of US$135 million on revenues of $2.6 billion.
It wrapped up the year with net income of $30 million, and improved its market share by 1.5% – including gains in all t ruck segments. The financial results were much stronger than in 2016, in which Navistar lost $97 million.
Fourth quarter revenues were up 26% for the company, largely due to improved volumes in the U.S. and Canadian Classes 6-8 truck market. Revenue for 2017 was up 6% compared to the previous year.
“Our 2017 was a breakthrough year, as we returned to profitability and grew our market share 1.5 points,” said Troy A. Clarke, chairman, president and CEO. “These results were driven by stronger sales, our steady investment in the industry’s newest product lineup, early results from our strategic alliance with Volkswagen Truck & Bus and our ongoing focus on cost.”
Looking ahead to 2018, Navistar is projecting retail deliveries of Classes 6-8 trucks and business in the U.S. and Canada to be between 345,000 and 375,000 units.
“We think 2018 is shaping up to be one of the strongest industry years this decade, and we’re positioned to make it a breakout year for Navistar,” Clarke said. “We’ll drive even greater customer consideration with our commitment to uptime and our ongoing cadence of new product launches, which will include the introduction of our new medium-duty vehicle, as well as new IC Bus offerings. At the same time, we will build on our alliance with Volkswagen Truck & Bus by investing in and collaborating on the major technologies that are reshaping our industry, including electric, connectivity and autonomous.”
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