UPDATE: Navistar Posts FQ2 Loss, Lowers Full-Year Forecast
Navistar International Corp (NYSE: NAV) posted a loss in the fiscal second quarter.
Navistar cut its full-year adjusted earnings forecast. It now expects earnings between breakeven and $2 per share, versus its earlier forecast of $4.25 to $5.25 per share.
Navistar reported a quarterly loss of $172 million, or $2.50 per share, versus a year-ago profit of $74 million, or $0.93 per share. Excluding items, the company lost $1.99 in the latest quarter.
Its net revenue dropped 1.7% to $3.3 billion. However, analysts were expecting earnings of $0.67 per share on revenue of $3.63 billion.
Navistar's truck segment posted a loss of $89 million, versus a $92 million profit in the year-ago period. The parts segments' profit declined 45% to $41 million.
Navistar shares dropped7.82% to $25.95 in pre-market trading.
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