International enjoys record operating income

CHICAGO, Ill. – Navistar International Corp. reports its net income for the fourth quarter and full fiscal year were the second highest in company history, while operating income for the year set a new record.

Net income for the three months ended Oct. 31 totaled US $132 million, or $2.04 per share, compared with only $99 million, or $1.47 per share in the fourth quarter of 1998. For the total year, income hit $366 million, which is equal to $5.52 per share, as opposed to $254 million, or $3.47 per share last year.

Operating income jumped to record levels thanks to a change to the company’s deferred tax asset valuation allowance. In both 1999 and 1998 it was granted reductions of $178 million and $45 million, respectively. Even setting aside these tax adjustments, net income for the full year and the fourth quarter were second only to the records set in 1979. n

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