Moving toward 'current' status, Navistar announces 2006 financial results

The Trucker News Services

3/6/2008

WARRENVILLE, Ill. — In another step toward becoming a current filer with the Securities and Exchange Commission (SEC), Navistar International Corp. reported its financial results for 2006.

“We are confident that we will be current in our annual financial statement filings by mid-year,” said Daniel C. Ustian, Navistar chairman, president and chief executive officer.

The company reported net sales and revenue of $14.2 billion in 2006 – up from $12.1 billion in 2005.

Steady top line growth was accompanied by gains in the company’s operational profitability. Pro forma manufacturing segment profit was $838 million in 2006, nearly doubling 2005 performance of $421 million. Net income was $301 million in 2006, up from $139 million in 2005.

“We continue to drive efficiency into our processes to deliver greater value for our shareholders,” Ustian said. “We’re executing a winning strategy built on the three pillars of great products, an efficient cost structure and profitable growth.”

The company said it continues to analyze risk, strengthen internal controls and institute process improvements throughout the organization to ensure accurate, timely and transparent financial reporting.

Navistar International Corp. is a holding company whose wholly owned subsidiaries produce International brand commercial trucks, MaxxForce brand diesel engines, IC brand school and commercial buses, and Workhorse brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine parts and service. Another wholly owned subsidiary offers financing services.