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 The Lisle, Illinois-based truckmaker reported a net loss of $72
million, or 88 cents a share, in the fiscal fourth quarter ended
October 31, compared with a loss of $154 million, or $1.91 a share,
during the comparable quarter last year.
Sales rose 9 percent to $3 billion.
Analysts, on average, expected the company to post a profit of 15
cents a share, according to Thomson Reuters I/B/E/S.
Strong demand for the company’s commercial vehicles in North America
was offset by $60 million in charges related to the company's
ongoing restructuring in North and South America.
On Monday, the company announced it was closing its engine foundry
in Indianapolis, a move that will result in more than 100 job losses
and cost the company $11 million during the quarter.
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The company, which was once a leading maker of truck engines,
continues to try to turn itself around after making a disastrous bet
on a costly and unsuccessful proprietary smog-reduction system. The
emissions-related debacle sent Navistar's warranty expenses
skyrocketing even as sales tumbled.
(Reporting by James B. Kelleher in Chicago; Editing by Chizu
Nomiyama)
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