Navistar Reports $30 Million Net Income for Q2

Navistar International Corporation announced yesterday the financial results for the second quarter, ended April 30, 2010 (fiscal year ends october 31), with the numbers showing a $30 million net income and revenues of $2.7 billion.

For the first six months of the year, the net income stands at $47 million, much smaller than the $246 million achieved last year.

Our expectations are to be profitable across the business cycle,” Daniel C. Ustian, Navistar CEO said in a statement. “The plans we have put in place for our core businesses are on track through the second quarter. We are confident that the foundation is in place to continue to support our profitability and grow our business.”

Aside from the financial results, Navistar managed in the second quarter to improve its cost structure and completed a retail funding alliance with GE Capital Corporation and GE Capital Commercial.

Despite the industry being at a 50-year low, Navistar is looking with confidence ahead as it plans to release the new MaxxForce Advanced EGR engines, already announced as the solutions of choice by several truck and RV manufacturers. Additionally, the contracts with the Army will further boost the revenue, as Navistar has already begun shipping the International MaxxPro Dash Mine Resistant Ambush Protected (MRAP) ordered in January.

“We remain confident for the remainder of the year about our ability to deliver fiscal 2010 results in the previously reported range,” said Ustian. “The orders we have received for our 2010-compliant products ensure that the business is well positioned for the rest of the year.”
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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