Navistar announces the First Quarter financial Results

Navistar International Corporation reported the first quarter 2019’s net income was as much as 11 million US dollars which is the equivalent of around 0.11 US Dollar per every share that is diluted. In the same quarter of 2018, there was a net loss of around 73 million US dollar which was the equivalent of 0.74 US dollar for every diluted share.

The Revenues of the firm in this particular quarter was as much as 2.4 billion US Dollars, which represented an increase of around 28 percent as compared to the 1.9 billion US Dollars which was in the same quarter of the previous year. This also showed a revenue increase due to the 50% rise in the core volumes of the firm.

The First quarter of the year 2019, the EBITDA was at 96 million US dollars, which was just 55 million USD in the previous year’s same quarter.

Navistar completed the first quarter of 2019 with 1.24 billion US Dollars in their accumulated cash, the equivalents of cash along with the sellable securities as well as 1.19 billion US Dollars in their manufacturing cash, the equivalents of cash along with the securities that could be sold.

The chairman and CEO of the firm, Troy A Clarke said: “We had our best first quarter since 2010 as customer acceptance of our new products translated to extended gains in our Core market share,”

He further added that: “In addition to our ongoing growth in Class 8, our medium-duty market share grew by six points during the quarter, the largest year-over-year medium share gain in the industry.”

According to Clarke: “As our ongoing improvements demonstrate, the company has strong opportunities to benefit from capturing additional market share, growing parts revenue, improving margins and further de-risking the balance sheet,”

He went on to add: “Given the progress made in the first quarter, and our positive outlook for the remainder of the year, we are confident that 2019 will move Navistar forward on the path to generate superior shareholder returns compared to the industry.”