Navistar International Corp. lost income for the first quarter of 2010 compared with the same period last year but still managed net income of $17 million, down $31 million from $48 million for first-quarter 2009.
Lower revenue was “due in part to lower first-quarter military revenues,” the company said in its quarterly report.
Earnings-per-share were reported at $0.23 for the quarter, compared with $0.67 for the same period last year.
Revenue was reported at $2.8 billion compared with $2.9 billion last year.
Daniel C. Ustian, Navistar president, chairman and CEO, said the first-quarter performance was a case of making progress “in the toughest of economic conditions.”
For the truck segment alone, Navistar reported results of $35 million, compared with $114 million for first-quarter 2009, a drop of $79 million.
The company said it anticipates its total truck industry retail sales volume for Class 6-8 trucks and school buses in the U.S. and Canada for the period ending Oct. 31 to be from 195,000 to 215,000 units. To date it has managed a 31 percent slice of the market share pie.
Navistar stated that it expects a successful launch in the coming months of its advanced exhaust gas recirculation or EGR MaxxForce engines, several of which it has already submitted to the U.S. Environmental Protection Agency for certification.
Navistar listed the launch of its first commercial trucks for the Indian market with venture partner Mahindra & Mahindra Ltd. and completion of its acquisition of the concrete mixer manufacturing business, Continental Manufacturing Co. Inc., as among its financial accomplishments.
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