Navistar International reported a net loss of $12 million, or $0.16 per diluted share, for the company’s third quarter 2009, ending July 31. The company’s reports show $2.51 billion in revenues for the quarter, compared with net income of $331 million, or $4.47 per diluted share, on $3.95 billion in revenues for the third quarter 2008.
For the nine months, Navistar reported a net income of $234 million, or $3.27 per diluted share, on revenues of $8.28 billion. For the same period 2008, the company reported net income of $477 million, or $6.52 per diluted share, on revenues of $10.85 billion. The figures for the first nine months of 2009 include the impact of the Ford settlement.
Navistar’s manufacturing, engine and parts segments reported profits for the third quarter 2009.
The manufacturing segment reported a net profit of $110 million for the quarter and a $604 million profit for the nine months, compared with a profit of $473 for the same quarter a year ago and a profit of $881 million for the first nine months of 2008.
The engine unit reported a profit of $45 million for the quarter, compared with a $5 million for the same quarter 2008. The company says the profits included a one-time gain on the change in equity ownership of Blue Diamond parts. Overall, total engine unit volumes were down by 15, 700 units for the quarter and down by 89,200 units for the nine months.
The parts segment experienced an 82 percent increase in profit for the quarter with profits of $93 million on sales of $491 million. The same quarter last year reported a profit of $51 million on sales of $444 million. Navistar says the increase is strengthened by strong sales to the U.S. military.
Navistar’s truck segment reported a third quarter loss of $28 million, compared with a third quarter profit of $417 million in 2008.
Navistar projects profitability for the fiscal year 2009 with gains in market share, lower operating costs, better cash balances and on-target expansion plans. The fiscal year 2009 guidance is set at $4.95 to $5.25 per diluted share, including the effects of the Ford settlement.
For a complete release of Navistar’s third quarter 2009 financial filings, visit Navistar’s website.