Navistar (NAV) Posts Wider Q2 Loss of $0.86/Share, Maintains FY Outlook

Navistar (NYSE: NAV) reported Q2 EPS of ($0.86), $0.82 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.06 billion.

• Reports net loss of $80 million, or $0.86 per diluted share, on revenues of $2.1 billion
• Generates $65 million of adjusted EBITDA in the quarter
• Changes sales strategy for used truck vehicles; takes $60 million charge for used truck inventories; reduces used truck inventories for the fourth consecutive quarter
• Expects stronger second half, driven by backlog and improving industry conditions
• Maintains 2017 full-year guidance

Navistar ended second quarter 2017 with $949 million in consolidated cash, cash equivalents and marketable securities. Manufacturing cash, cash equivalents and marketable securities were $918 million at the end of the quarter.

"We are on track to improve on last year’s results, but still have quite a bit of work to do in the second half," said Troy A. Clarke, Navistar chairman, president and chief executive officer. "However, the work we’ve done in the first six months growing share, building our backlog, and managing costs, combined with improving industry conditions, positions us to deliver a stronger second half."

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

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