P.M. BRIEFING : Navistar Revenue Takes a Dive
CHICAGO — Navistar International Corp. today reported third-quarter earnings of $6 million, which yielded no earnings per common share after payment of dividends on preferred stock.
That compares with earnings of $28 million, or 8 cents a share, for the comparable period a year earlier.
Sales were $972 million, down from $1.08 billion during last year’s third quarter.
For the first nine months of this fiscal year, the company reported a loss of $4 million, compared with earnings of $100 million for the same nine months during the previous year.
Chairman James C. Cotting blamed continuing weak industrywide demand for medium and heavy-duty trucks. In addition to trucks, Navistar produces diesel engines.
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