LISLE, IL – Navistar has announced a first quarter 2017 net loss of $62 million.
Declining 6% compared to the first quarter of 2016, revenues in the first quarter of 2017 were $1.7 billion. The decline is attributed to lower truck volumes caused by soft Class 8 heavy industry conditions and decreased global sales.
“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 Chief Executive Officer (CEO) of Navistar International Corporation.
“Our order share continues to outpace our market share, which confirms our confidence in the retail share improvement to come,” said Clarke. “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 aims to continue introducing fresh products every four to six months until the end of 2018, which will refresh the company’s entire product portfolio while also widening it with Navistar re-entering into Class 4/5 vehicles through its partnership with General Motors.
With the company’s telematic system surpassing 270,000 subscribers at the end of February, Navistar looks to On-Command Connection as a growth opportunity with the platform continuing to see new features and services added.
The company reiterated and updated its 2017 guidance and is expecting retail deliveries of 305,000 to 335,000 Class 6-8 trucks and buses in the United States and Canada for fiscal year of 2017, with full-year revenues expected to be similar to 2016.
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