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Navistar posts Q2 profit

WARRENVILLE, Ill. -- Navistar International posted a second quarter profit of US$30 million despite conti...

WARRENVILLE, Ill. — Navistar International posted a second quarter profit of US$30 million despite continuing slowness in the North American commercial vehicle sector.

“Our expectations are to be profitable across the business cycle,” said Daniel C. Ustian, Navistar chairman, president and CEO. “The plans we have put in place for our core businesses are on track through the second quarter. We are confident that the foundation is in place to continue to support our profitability and grow our business.”

Navistar’s Q2 revenue totaled US$2.7 billion, even though the industry is at a nearly 50-year low, according to the company.

“We remain confident for the remainder of the year about our ability to deliver fiscal 2010 results in the previously reported range,” said Ustian. “The orders we have received for our 2010-compliant products ensure that the business is well positioned for the rest of the year.”

The truck segment achieved a profit of US$76 million in the second quarter, thanks in part to a US military order. Navistar’s engine business, meanwhile, posted a US$15 million Q2 profit, which reflects increased demand in Brazil which partially offset lower volumes in North America resulting from the end of the company’s contract to supply engines to Ford.

The parts business netted a US$58 million profit for the second quarter and Navistar’s financial services division resulted in a profit of US$16 million.

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