Home > Business > Chicago Breaking Business Navistar plans cost cuts as 3Q profit falls

Navistar International Corp. said Thursday its third-quarter profit fell 94 percent to $84 million, or $1.22 per share, helped by an income tax benefit of $196 million that offset loses related to its failed diesel engine.

The company also outlined a cost-cutting plan Thursday and said it is reviewing its non-core businesses.

Shares of the Lisle-based company were up 1.67 percent to $20.75 per share in pre-market trading.

Analysts expected a third quarter loss of $1.36 per share on revenue of $2.96 billion, according to Thomson Reuters. Revenue was $3.3 billion, down 6 percent from $3.5 billion a year ago.

Navistar said the decline was mainly due to lower military sales and reduced engine volumes in South America.

Read Full Article from Chicago Tribune

- Posted: 2012-09-06 10:23:56

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