Navistar recently announced the financial report for the fourth fiscal quarter of 2014 (August to October 2014). The company's operating income increased during the quarter and its loss situation improved.
In the fourth fiscal quarter of the fiscal year, Navistar’s operating income increased from US$2.751 billion in the same period of last year to US$3.008 billion, a year-on-year increase of 9.3%; the company’s net loss for the previous fiscal quarter reached US$72 million, which is higher than the previous financial year. Significantly improved, with a net loss of up to 154 million U.S. dollars during the same period last year.
In the operating quarters of the previous quarter, Navistar North America Truck Business Division benefited from lower warranty and construction expenses, and truck sales rose sharply. Sales of Class 8 and Class 6/7 increased by 14% and 41% respectively. As a result, the amount of losses in the fourth quarter was reduced to US$55 million, while the amount of losses in the same period last year was as high as US$355 million.
In addition, Navistar recently set about closing its Indianapolis-based engine foundry, which has spent US$11 million for expenses related to employee departures, pensions, other retirements, termination of contracts, and inventory reserves. After this plant is shut down, Navistar is expected to save US$13 million in operating costs each year.
In the fourth quarter of this year, Navistar North America’s North American Components Business Division’s operating profit reached US$143 million, a decrease of 2.7% from the US$147 million in the same period of last year; the Global Operations Division posted a loss of US$33 million in the same period of last year. In the US dollar, financial services business operating profit reached US$26 million, a sharp increase of 52.9% from US$17 million in the same period of last year.
Judging from the overall performance in FY2014, Navistar’s operating revenue totaled US$10,806 million, a slight increase of 0.3% from US$10,775 million in the same period of last year; cumulative losses in the previous fiscal year reached US$619 million, and net loss in FY2013 was 698 million U.S. dollars.
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