Posted on 12/28/2009 7:49:13 AM PST by blam
Navistar Beats Fourth Quarter Earnings On Stronger Truck Sales
by: Zacks.com
December 28, 2009
Navistar International Corporation (NAV) showed a profit of $128 million or $1.77 per share, before special items, for the fourth quarter of fiscal 2009 ended Oct 31, 2009. With this, the truck maker exceeded the Zacks Consensus Estimate of $1.53 per share. The company has also fared well compared to the year-ago profit of $42 million or 56 cents per share, before special items.
Navistar credited the improvement in profit to the recouped commercial truck volume and sustained military sales. Nevertheless, total sales of $3.3 billion during the quarter were lower than the year-ago level by 15%.
For fiscal 2009, Navistar revealed a net income (before special items) of $205 million or $2.86 per share, compared to $528 million or $7.21 per share in the previous fiscal. This was better then the Zacks Consensus Estimate of $2.38 per share. Sales dipped 21% to $11.6 billion.
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“Might this be a positive economic predictor for a better economy?”
Nope. All truck manufacturers will see a fourth quarter rise, then it will fall on it’s face first quarter 2010. January 1 comes the new emission rules. The price of a truck will increase around $10,000 due to new EPA rules. There was a lot of fourth quarter prebuying going on.
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