Business

Navistar profit misses forecasts on reduced revenue

Posted March 09, 2010 10:00 pm

Navistar International Corp., a maker of commercial and military vehicles, declined in New York after its fiscal first-quarter results missed analysts' estimates.

Net income fell 93 percent to $17 million, or 23 cents a share, from $234 million, or $3.27, a year earlier, the Warrenville-based company said yesterday. The results were lower than the 85-cent average estimate of eight analysts compiled by Bloomberg.

Navistar fell $2.38, or 5.4 percent, to $41.87 at 9:35 a.m. in New York Stock Exchange composite trading. The stock rose 14 percent this year through yesterday.

The company was battered by falling demand for commercial trucks in the U.S. as the recession deepened, and revenue slid 5.4 percent to $2.81 billion. The company said it would earn $127 million to $163 million in the 2010 fiscal year that ends Oct. 31.

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