Navistar posts $120 million net loss for 2007; filings now up-to-date
Navistar reported net sales and revenue of $12.3 billion in 2007, when U.S. and Canada commercial industry volume dropped by 30 percent from the previous year. Despite the decline in revenue, the company said it achieved manufacturing segment profits of $426 million in 2007.
The Trucker News Services
5/30/2008
WARRENVILLE, Ill. — Navistar International Corp. reported Thursday the company has filed its Form 10-K for the fiscal year ended October 31, 2007, with the Securities and Exchange Commission, bringing it current with its annual financial information.
The company reported net losses of $120 million, due in part to elevated expenses related to financial filings. Per share net loss was $1.70.
“Last year served as a building block toward the future with strategic investments in product development, increased focus on operational efficiency and expansionary growth actions that pave the way for a solid 2008 and beyond,” said Daniel C. Ustian, Navistar chairman, president and chief executive officer, in a statement.
Navistar reported net sales and revenue of $12.3 billion in 2007, when U.S. and Canada commercial industry volume dropped by 30 percent from the previous year. Despite the decline in revenue, the company said it achieved manufacturing segment profits of $426 million in 2007.
As detailed in the second quarter operational update with analysts, Navistar expects to post record revenues in 2008 of more than $15 billion and manufacturing segment profit of nearly $1 billion.