/PRNewswire/ Navistar International Corporation (NYSE: NAV) plans to sell its Melrose Park, Illinois facility to a developer who has an actionable plan to.
SHARE December 22, 2020
Navistar announced a fourth quarter 2020 net loss of $236 million compared to fourth quarter 2019 net income of $102 million.
Revenues in the quarter were $2.1 billion versus $2.8 billion a year ago. Fourth quarter 2020 Core (Class 6-8 trucks and buses in the United States and Canada) charge outs were 13,200 versus 20,200 in fourth quarter 2019. Revenue for fiscal year 2020 was $7.5 billion versus $11.25 billion in 2019. The decrease in revenue and charge outs was primarily driven by the impact of Covid-19 on the trucking industry.
Fourth quarter 2020 results were impacted by $297 million of tax-affected significant items. Included in this amount is a $289 million accrual related to a profit sharing dispute, a $58 million settlement with the Department of Justice related to Navistar Defense and a $14 million charge related to pre-existing warranties.
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Navistar International Corp. (NYSE: NAV) reported COVID-impacted lower sales and earnings for its fourth quarter and fiscal year on Thursday. It is likely the final independent earnings report before its $3.7 billion sale to Volkswagen AG s Traton Group closes in 2021.
Navistar executives skipped the quarterly call with analysts because of the Nov. 7 definitive merger.
Key financial highlights
Fourth-quarter net loss of $236 million, or $2.36 per diluted share, including $297 million of tax-affected significant items. Adjusted net income of $61 million on revenues of $2.1 billion compared to $2.8 billion in the fourth quarter of 2019. Net income in the same quarter of 2019 was $102 million, or $1.02 per diluted share.