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The
company said sales declined for heavy trucks, rose for school
buses and medium-sized trucks in its core U.S. and Canadian
markets, but exports slowed, in its fiscal fourth quarter ended
Oct. 31.
The Lisle, Illinois-based company reported its quarterly loss
narrowed to $50 million, or 61 cents per share, from $72
million, or 88 cents, a year earlier.
Revenue fell 17 percent to $2.49 billion from $3 billion.
Analysts expected $2.53 billion.
Despite the loss, cash on hand increased to $912 million from
$497 million a year earlier.
The company forecast fiscal 2016 revenue in a range from $9
billion to $10 billion. Analysts predicted $9.96 billion.
"We have identified and begun implementing actions to further
lower our material spend and structural costs, while driving
greater efficiencies in our manufacturing operations," Chief
Executive Officer Troy Clarke said in a statement. "As a result,
we expect to build on our 2015 progress, and our goal is to
achieve profitability and be free cash flow positive in 2016."
Year to date, Navistar's shares have fallen nearly 76 percent.
The U.S. Securities and Exchange Commission has sent Navistar
subpoenas since 2012 as part of a probe into whether the company
misstated its efforts to win regulatory certification that its
engines comply with clean air laws.
Navistar has been struggling with high warranty costs for an
emission reduction system that failed to meet regulatory
standards in 2012.
(Editing by Jeffrey Benkoe)
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