Navistar Crushed After Q2 Loss; Stock Down 25%
Navistar (NYSE: NAV) released its fiscal Q2 earnings results prior to the market open on Thursday. The company reported a net loss of $172 million or $2.50 per share, compared to net income of $74 million or $0.93 per share, in the year ago period. On an adjusted basis, the company's net loss was $137 million or $1.99 per share, versus net income of $102 million or $1.30 per share, in last year's second-quarter. This compared to Wall Street analysts consensus EPS estimates of $0.67.
Sales in the quarter were $3.3 billion, down from the $3.36 billion the company reported last year. This missed Street consensus revenue expectations of $3.63 billion.
Looking ahead, Navistar said that it expects adjusted net income to be between breakeven and $140 million for the fiscal year. On a per share basis, this equates to $0 to $2.00 per share. Currently, analysts anticipate that the company will report EPS of $3.73 for the fiscal year.
During Thursday's trading session, NAV shares have plunged nearly 25% to $21.14 in the wake of the Q2 results and poor full-year guidance.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.