Despite 4Q profit, Navistar stays in the red
Dec 3, 2003 12:00 PM, from staff and wire reportsNavistar International Corp, the number three truck maker in the United States, posted a fiscal fourth-quarter profit compared with a loss a year ago.
Because of an improvement in truck sales, net income in the quarter ended October 31 was $77 million, or $1 a share, versus a net loss of $460 million, or $7.58 a share, a year earlier.
Although the company marked its second consecutive profitable quarter, it was not enough to put the company in the black for its full fiscal year ended Oct 31, 2003. Daniel C Ustian, Navistar president and chief executive officer, said the truck industry recovery is slower than originally forecast.