Navistar Posts Loss of $120 Million

By: Bubbajunk.com


Navistar International Corp., engine and truck maker, posted late Thursday a loss of $120 million in fiscal year 2007, bringing its financial reporting up to date.

The net loss was $1.70 a share for 20 07, compared with an income of $4.12 a share, roughly $301 million, for the year of 2006.

Navistar reported a sales and revenue of $12.3 billion in 2007, even after U.S. and Canadian volume in the commercial industry dropped 30%. Navistar maintains that its manufacturing segment brought in $426 million in profits.

Navistar's chairman, Daniel Ustian said, "Last year served as a building block toward the future with strategic investments in product development, increased focus on operational efficiency and expansionary growth actions that pave the way for a solid 2008 and beyond."

In February 2007 the New York Stock Exchange de-listed Navistar due to delays in financial reporting.

Bloomberg reported that Navistar filed its 2005 fiscal report in December, and its 2006 earnings on Thursday.

Navistar says in its second quarter update that it expects to report record revenues in 2008, potentially $15 billion with a profit of $1 billion from their manufacturing segment.