LISLE, Ill. – Navistar reported a US$62 million net loss in the first quarter of 2017.
Revenues were $1.7 billion, down 6% year-over-year, due to weaker truck sales in the overall Class 8 market.
“Our results are on track with our plan for the year, and demonstrate our ability to effectively manage costs at a time of persistent Class 8 industry headwinds,” said Troy A. Clarke, chairman, president and CEO. “Our order share continues to outpace our market share, which confirms our confidence in the retail share improvement to come. At the same time, we are rolling out a steady stream of new product introductions that are helping us generate new sales opportunities, and position us to take advantage of the anticipated Class 8 rebound in the second half.”
Navistar said it continues with the aggressive refreshment of its entire product line. It has also seen growth in remote diagnostics, and now has more than 270,000 subscribers to its OnCommand Connection platform.
The company reiterated and updated its 2017 guidance and is anticipating retail deliveries of Classes 6-8 trucks and buses in the US and Canada to total 305,000 to 335,000 units for the fiscal year 2017. Navistar says it expects revenue to be similar to 2017.