Navistar Reports Q4 Net Loss of $34 million, Revenues Dip 17% YOY
Navistar International Corporation (NYSE: NAV) announced a fourth quarter 2016 net loss of $34 million, or $0.42 per diluted share, compared to a fourth quarter 2015 net loss of $50 million, or $0.61 per diluted share. Revenues in the quarter were $2.1 billion, a decline of 17 percent compared to fourth quarter 2015.
According to the company, the “revenue decrease was largely driven by an 18 percent decline in the company’s Core (Class 6-8 trucks and buses in the United States and Canada) charge-outs, to 13,000 units. This decline largely reflects continued softening of Class 8 industry volumes in the U.S. and Canadian markets.”
During the fourth quarter, the company launched the International® LT™ Series, its new flagship line of Class 8 over-the-road trucks featuring advanced technologies that deliver enhanced fuel efficiency, strong uptime and improved driver appeal. It also announced plans for a wide-ranging strategic alliance with Volkswagen Truck & Bus, which includes an equity investment in Navistar, strategic technology and supply collaboration and a procurement joint venture.
As for full-year 2016 results, Navistar reported a net loss of $97 million, or $1.19 per diluted share, versus a net loss of $184 million, or $2.25 per diluted share, for fiscal year 2015. Fiscal year 2016 adjusted EBITDA was $508 million, versus $494 million adjusted EBITDA for 2015. Full-year adjusted EBITDA margins increased 140 basis points to 6.3 percent. Revenue for the fiscal year 2016 was $8.1 billion, compared to $10.1 billion in fiscal year 2015.
Category: Vehicle News
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