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Navistar Trims Its Losses
Commercial truckmaker Navistar International Corp. narrowed it loss in the fiscal fourth quarter ended Oct. to $34 million from $50 million in the same period last year.
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Commercial truckmaker Navistar International Corp. narrowed it loss in the fiscal fourth quarter ended Oct. to $34 million from $50 million in the same period last year. Revenue shrank 17% to $2.1 billion.
For the full fiscal year, Navistar’s revenue fell 20% to $8.1 billion. The company’s net loss of $97 million compares with $184 million in red ink in fiscal 2015.
Navistar says cost cutting efforts and a lower breakeven point helped offset unfavorable exchange rates, a slumping heavy-duty truck market and a leaner sales mix. The company notes that its adjusted EBITDA improved in 2016 for the fourth consecutive year, and it predicts further gains in 2017.
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