Profits Burn Out For Navistar

Today, engine manufacturer Navistar (NYSE: NAV) saw its 1Q10 profit plummet from its previous totals, as the military ordered fewer parts throughout 2009.

Profit for Navistar fell to 23 cents per share, or $17 million, from last year's 67 cents per share and $48 million. The drop came on a decrease in sales from $2.97 billion last March to $2.81 billion this past year. The chairman of Navistar, Daniel Ustian, claimed that the fall in earnings was due to the "toughest of economic conditions" experienced during the past operating season.

Navistar has fallen by 4.72% to 42.16 in after-hours trading.