Navistar (NAV) Posts Q2 Loss of 78c/Share

Navistar (NYSE: NAV) reported Q2 EPS of ($0.78), which may not compare with the analyst estimate of ($0.17). Revenue for the quarter came in at $2.69 billion versus the consensus estimate of $2.83 billion.

Adjusted EBITDA was $102 million in the second quarter of 2015 compared to adjusted EBITDA of $82 million in 2014.

In addition, the company continued its mission to be the 'Uptime' leader in the industry with the purchase of a test track and proving grounds in New Carlisle, Ind. The Navistar Proving Grounds is a key strategic addition to the company's product development operations, allowing for comprehensive testing and validation of new vehicles and innovative technologies. The site will also be used as a customer center to showcase new products and give customers an opportunity to experience new products firsthand.

The company continued to take actions to reduce fixed costs and improve its manufacturing capacity utilization with the sale of its foundry operations in Waukesha, Wis. Navistar will complete its exit from the foundry business as operations in Indianapolis wind down by the end of the summer. As a result, the company anticipates more than $13 million in annual savings.

The company provided the following guidance for the third quarter:

• Q3-2015 EBITDA of $125 million – $175 million, excluding pre-existing warranty and one-time items.
• Q3-2015 manufacturing cash, cash equivalents and marketable securities between $750 million – $850 million.

Additionally, the company projects a continued strong North American industry for FY2016 with retail deliveries of Class 6-8 trucks and buses in the United States and Canada to be in the same range as FY2015—350,000 to 380,000 units—with a stronger mix of school buses and medium-duty trucks.

For earnings history and earnings-related data on Navistar (NAV) click here.

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