Navistar Swings to Loss, Cuts Outlook |
| Wall Street Journal - Jun 7, 2012 |
Navistar International Corp. NAV -21.76%reported a fiscal second-quarter loss, as warranty costs for truck engines and a host of other charges weighed on results, prompting the company to lower its earnings guidance for the year and reorganize its management team.
The Lisle, Ill., heavy truck maker cut its earnings outlook for the second straight quarter and now expects earnings this year to range from break-even to $2 a share, compared with its reduced March forecast of between $4.25 a share and $5.25 a share. Analysts had expected the company to earn $3.73 a share.
Navistar's stock was down nearly 25% at $21.18 in late morning trading on the New York Stock Exchange.
Demand for commercial trucks has weakened in recent months after truckers accelerated their orders late last year in advance of higher prices this spring. Increasing anxiety about a weakening U.S. economy also is keeping truck buyers away from dealer lots.
Read Full Article from Wall Street Journal
- Posted: 2012-06-07 10:54:13
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