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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cummins Inc | NYSE:CMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 280.74 | 121 | 13:20:00 |
By Angela Chen
Navistar International Corp. on Tuesday said cost-cutting initiatives and increased demand for its medium trucks and school buses helped the company narrow its loss in the January quarter.
Revenue, however, grew less than expected.
The Lisle, Ill.-based company had been struggling to leverage much share gains from the red-hot demand for commercial trucks in North America. It had been in fourth-place in the market behind Volvo AB, Paccar Inc.--the maker of Peterbilt and Kenworth trucks--and Daimler AG 's Freightliner unit.
The company's market share began eroding in 2012 when the company's engines weren't able to comply with tougher federal standards for diesel-engine exhaust. Under Troy Clarke, who became chief executive in April 2013, Navistar fixed its engine problems and began using exhaust-treatment components and popular engine models built by Cummins Inc., moves that were expected to help Navistar recover market share.
In the most recent quarter, the company saw a 17% increase in chargeouts for Class 6-8 trucks and buses in the U.S. and Canada, as well as higher sales in the export truck operations. These increases were partially offset by a decline in used truck sales.
The first quarter ended with a 27% gain in order backlog for Class 6-8 trucks.
"We were especially pleased with our strong year-over-year gains in the medium truck and school bus markets, two key areas of strategic focus that will deliver profitable market share gains," said Mr. Clark. The truck segment recorded a loss of $18 million, narrowing from a year-earlier loss of $208 million, mostly due to increased demand for these medium trucks and school buses.
Mr. Clark added that decreasing costs and productivity improvements helped boost earnings. Margin improvements, for example, helped the parts segment log a profit of $145 million, up from last year's $108 million.
Overall for the January quarter, Navistar reported a loss of $42 million, or 52 cents a share, compared with a year-earlier loss of $248 million, or $3.05 a share.
Revenue grew 9.6% to $2.42 billion.
Analysts had expected a loss of $1.09 a share and revenue of $2.6 billion.
Shares of Navistar, which were inactive premarket, have declined 14% in the year through Monday's close.
Write to Angela Chen at angela.chen@dowjones.com
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