Navistar reports $72 million quarterly loss

LISLE, IL – Navistar International Corporation today announced a fourth quarter 2014 net loss of $72 million. Revenues in the quarter were $3.0 billion, up $257 million or 9.3 percent over the fourth quarter of 2013.

Fourth quarter net loss in 2013 was $154 million.

“Our fourth quarter results-and the results for the entire fiscal year-reflect our continued progress improving business operations across the enterprise and positive trends in the North American industry,” said Troy A. Clarke, Navistar president and chief executive officer. “In 2014, we increased our production, chargeouts and order backlog; continued to reduce warranty spend; and achieved structural cost savings that further lowered our breakeven point.”

Fourth quarter 2014 EBITDA (earnings before interest, taxes, depreciation, and amortization) was $66 million versus an EBITDA  loss of $227 million in the same period one year ago. This year’s fourth quarter included $60 million of restructuring, impairments and other charges partially offset by a $10 million favorable adjustment in pre-existing warranty. As a result, adjusted fourth quarter 2014 EBITDA was $116 million, which was within the company’s fourth quarter guidance.

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