NAVISTAR REPORTS LOSS IN FIRST QUARTER

CHICAGO, Ill. — Navistar lost US$35 million, or 58 cents per diluted share, for the first quarter ended Jan. 31, compared to earnings of $70 million, or $1.10 per diluted common share a year earlier.

Consolidated sales and revenues from the company’s manufacturing and financial services operations for the first quarter totaled $1.5 billion, compared with $2.2 billion in the first quarter of 2000.

The company says the “continued weak, new- and used-truck pricing and lower new-truck shipments impacted results in the first quarter.”

It said it has lowered its forecast for total sales in fiscal 2001 in the U.S. and Canada to 280,000 units, down from the 321,600 units it forecast last December.

Demand for medium trucks is unchanged at 108,000 units but demand for heavy trucks should decline to 144,000 units, down from the previous forecast of 181,600 units. School bus demand is forecast at 28,000 units, down from 32,000 units.

Separately, this week the company announced a joint venture with Ford, and launched several new truck lines.

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