Navistar Drops Most Since 2008 on Quarterly Loss, ForecastMark Clothier
Navistar International Corp., the truckmaker that counts Carl Icahn as one of its biggest investors, tumbled the most in six years after it reported a quarterly loss and forecast results for the current period that trailed estimates.
The shares fell 17 percent to $29.10 at the close in New York, the biggest one-day slide since November 2008. The stock has declined 24 percent this year, compared with a 6.7 percent gain for the Standard & Poor’s 500 Index.
The net loss for the three months ended Oct. 31 marked the company’s ninth losing period. Navistar, which has been restructuring its North American business, recently announced plans to close its block and head foundry operations in Indianapolis. That move resulted in an $11 million charge during the period, the Lisle, Illinois-based company said today.
The truckmaker recorded a net loss of $72 million, or 88 cents a share, from a loss of $154 million, or $1.91, a year earlier, according to a statement today. Analysts had anticipated profit of $3.57 million, according to data complied by Bloomberg.
Revenue was $3.01 billion. That compared to a $3.03 billion estimate.
Navistar said adjusted earnings before interest, taxes, depreciation and amortization this quarter would be break-even to $50 million, compared with an $158 million, the average estimate of seven analysts in a Bloomberg survey.
Billionaire investor Icahn had a stake of almost 20 percent in the company as of Sept. 30.