Navistar (NAV) Issues Update; Guides Q3 Below, Withdraws FY12; Receives Inquiry from SEC
Tweet Send to a FriendGet Alerts NAV Hot Sheet
Trade NAV Now!
Navistar International Corporation (NYSE: NAV) today announced significant actions that build on the company's previously announced introduction of ICT+ (In-Cylinder Technology Plus) and are designed to enhance the company's competitive position and drive profitable growth and shareholder value. These actions include:
Navistar's overall market share for the fiscal third quarter is projected to remain flat: Class 8 at 17-18%; Class 6-7 at 35-36%; and school bus at 48-49%. The company's third quarter revenues are expected to be $2.8 billion to $3 billion. (The Street was looking for revs of $3.5 billion). Navistar expects fiscal third quarter adjusted manufacturing segment profit to be between $15 and $40 million, excluding the impact of the company's engineering integration and non-conformance penalties. Including the impact of these charges the manufacturing segment profit is estimated to be between a $15 million loss to $15 million of profit. Navistar expects an adjusted pretax loss of between $115 million and $80 million. Including the impact of the engineering integration and non-conformance penalties Navistar expects a pretax loss of between $145 and $105 million.
The company also disclosed that it has received a formal letter of inquiry from the United States Securities and Exchange Commission requesting additional information related to certain accounting and disclosure matters. Navistar is cooperating fully with this request.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
- Adopting a U.S. market proven aftertreatment solution to accelerate delivery of ICT+, Navistar's next generation clean engine solution;
- A market transition plan for Class 8 engine sales; and
- Securing a $1.0 billion loan commitment, which further enhances Navistar's liquidity.
Navistar's overall market share for the fiscal third quarter is projected to remain flat: Class 8 at 17-18%; Class 6-7 at 35-36%; and school bus at 48-49%. The company's third quarter revenues are expected to be $2.8 billion to $3 billion. (The Street was looking for revs of $3.5 billion). Navistar expects fiscal third quarter adjusted manufacturing segment profit to be between $15 and $40 million, excluding the impact of the company's engineering integration and non-conformance penalties. Including the impact of these charges the manufacturing segment profit is estimated to be between a $15 million loss to $15 million of profit. Navistar expects an adjusted pretax loss of between $115 million and $80 million. Including the impact of the engineering integration and non-conformance penalties Navistar expects a pretax loss of between $145 and $105 million.
The company also disclosed that it has received a formal letter of inquiry from the United States Securities and Exchange Commission requesting additional information related to certain accounting and disclosure matters. Navistar is cooperating fully with this request.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- United Tech (UTX) to Pay $473M in F100 Engine Litigation; Sees Possible Material Impact
- Steel Dynamics (STLD) Issues Q2 Warning
- Terex Corp. (TEX) Warns for Q2, FY2013
Create E-mail Alert Related Categories
Guidance, Hot Corp. News, Hot Guidance, Litigation
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
