Navistar reports third quarter earnings

WARRENVILLE, Ill. — IC Bus parent company Navistar International Corp. has reported a net income of $272 million for the third quarter of fiscal year 2008.

“Increased military revenue as well as strong demand for our fuel-efficient heavy trucks drove our overall results in the third quarter,” said Daniel C. Ustian, Navistar chairman, president and CEO.

Third quarter truck shipments of expansionary and U.S. military units accounted for 40 percent of all Navistar worldwide truck shipments, and the company’s share of order receipts in the traditional U.S. and Canada industry increased for the third straight quarter, reaching 38 percent of total industry orders.

Class 8 market share excluding U.S. military exceeded 21 percent for the third quarter based on increased demand for International Truck and Engine Corp.’s ProStar heavy-duty truck.

Moreover, for the first nine months of fiscal 2008, Navistar reported a net income of $434 million on net sales and revenue of $10.9 billion, compared to a net loss of $17 million and revenue of $9.1 billion for the same period in 2007.

Manufacturing segment profit for the nine-month period increased 159 percent to $837 million from $323 million in 2007.

Company officials also increased projected full-year net income to between $467 million and $548 million.