Navistar (NAV) Misses Q1 EPS by 33c

Navistar (NYSE: NAV) reported Q1 EPS of ($0.76), $0.33 worse than the analyst estimate of ($0.43). Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.71 billion.

First quarter 2017 EBITDA was $63 million, compared to first quarter 2016 EBITDA of $82 million. This year\'s first quarter EBITDA included favorable net adjustments of $8 million, primarily resulting from a reversal of pre-existing warranty accruals. Excluding this benefit, adjusted first quarter 2017 EBITDA was $55 million.

"Our results are on track with our plan for the year, and demonstrate our ability to effectively manage costs at a time of persistent Class 8 industry headwinds," said Troy A. Clarke, chairman, president and CEO. "Our order share continues to outpace our market share, which confirms our confidence in the retail share improvement to come. At the same time, we are rolling out a steady stream of new product introductions that are helping us generate new sales opportunities, and position us to take advantage of the anticipated Class 8 rebound in the second half."

The company reiterated and updated its 2017 guidance:

• Retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be in the range of 305,000 units to 335,000 units for fiscal year 2017.
• Full-year 2017 revenues are expected to be similar to 2016.
• Full-year 2017 adjusted EBITDA is expected to be higher than 2016.
• Fiscal year end 2017 manufacturing cash is now expected to be about $1 billion, including the capital injection from Volkswagen Truck & Bus and a $250 million senior note tack-on completed in the first quarter 2017.

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

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