Navistar Posts Q2 Loss on Warranty Woes

June 7, 2012

 

Navistar posted a second-quarter loss as a warranty reserve to repair early 2010 and 2011 vehicles increased its costs.

The company reported a net loss of $172 million, or $2.50 per share, for the second quarter ended April 30, compared with earnings of $74 million, or 93 cents per share, a year ago.

Revenue fell about 2 percent to $3.3 billion, and the company now expects 2012 adjusted earnings of breakeven to $2.00 per share, down from its previous estimate of $4.25 to $5.25 per share.

Source: Reuters

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