Near-record earnings for ’99

CHICAGO, Ill. — Navistar International Corp. enjoyed its second highest net income in company history during fiscal 1999, and marked a new all-time record for operating income.

The operating income for 1999 totaled $837 million, up from $634 million in 1998, and bettered the 1979 record of $827 million. (All figures are in US dollars.)

Net income for the year totaled $366 million, equal to $5.52 per diluted common share, compared with $254 million, or $3.47 per diluted common share, recorded in 1998. Once tax valuation allowance reductions are included, net income for the year ended Oct. 31 valued $544 million, or $8.20 per diluted common share, compared with $299 million, or $4.11 per diluted common share, reported a year earlier.

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