Navistar 1Q Profit Rises 15%
(Chicago, Feb. 15, 2000) – Navistar International says its fiscal first-quarter (Nov 99 to Jan 00)earnings rose 15%, thanks mainly to record demand for heavy trucks and the firm’s production of diesel engines for Ford medium-duty trucks. Net income was US$70 million for the three months ended Jan. 31 ($1.10/share), up from $61 million (91 cents/share) for the year-before quarter. Gross revenue increased 13% to $2.17 billion from $1.92 billion in 1Q/99.
Navistar notes that demand for medium- and heavy-duty trucks has slowed somewhat from the record-breaking level of 336,000 sales across North America in 1999, and is now running at an annual rate of 275,000 vehicles.
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