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Navistar earnings exceed projections

CHICAGO, Ill. - Navistar International marked record earnings for the first six months of its fiscal year, thanks in a large part to an increase in medium-duty engine shipments.Net income for the quar...


CHICAGO, Ill. – Navistar International marked record earnings for the first six months of its fiscal year, thanks in a large part to an increase in medium-duty engine shipments.

Net income for the quarter ended April 30 rose to $98 million from $96 millionin the same period a year ago. (All figures in U.S. dollars.)

The “modest” gain in year-over-year gross margins was significant when you consider the competitive truck market, said Navistar president John R. Horne.

Shipments of mid-range engines to other original equipment manufacturers during the quarter totaled 83,200 units, up 15 per cent from the 72,200 units shipped in the second quarter of 1999.

Still, the company actually shipped fewer vehicles in the second quarter of 2000 (35,900 units), compared with the 36,100 units shipped in 1999.

Drops in used truck values, stagnant new truck prices, higher diesel prices and interest rates are all said to be affecting sales, according to International. n


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