Navistar 2Q net income rises on stronger demand

Warrenville-based Navistar International Corp.'s second-quarter profit rose 72 percent, partly driven by strong product demand and the vehicle and engine maker's expansion efforts.

The Warrenville, Ill., company, which makes military trucks, school and commercial vehicles, also said Tuesday that its full-year results should come in toward the high end of its forecast for adjusted earnings. Navistar raised the low end of that guidance.

The company reported net income of $74 million, or 93 cents per share, for the three months ended April 30, up from $43 million, or 60 cents per share, a year ago.

Adjusted earnings were $80 million, or $1.02 per share.

Analysts expected adjusted earnings of $1.14 per share, according to a poll by FactSet.

Navistar's truck segment profit rose to $92 million from $76 million, while its parts unit profit increased to $74 million from $58 million. The engine division's profit dropped to $2 million from $15 million.

Revenue climbed 23 percent to $3.36 billion from $2.74 billion, besting Wall Street's estimate of $3.32 billion.

Navistar now expects full-year adjusted earnings of $5.50 to $6 per share. Its previous forecast was for earnings between $5 and $6 per share.

Analysts expected earnings of $5.34 per share.