Navistar International has announced a second quarter 2018 net income of $55 millioncompared to a second quarter 2017 net loss of $80 million.
Revenues in the quarter were $2.4 billion, up 16 percent compared to $2.1 billion in the second quarter last year. The increase primarily reflects higher volumes in the company’s Core (Class 6-8 trucks and buses in the U.S. and Canada) market, where chargeouts were up 17 percent.
Second quarter 2018 EBITDA was $174 million, compared to second quarter 2017 EBITDA of $47 million. Second quarter adjusted EBITDA was $182 million, compared to adjusted EBITDA of $65 million in the comparable period last year.
“We had a great second quarter, delivering stronger than expected results by taking advantage of the robust market conditions,” said Troy A. Clarke, Navistar chairman, president and CEO. “The market continues to respond favorably to our new products, especially our LT Series on highway tractor and the 13-liter A26 engine, which helped us capture two points of year-over-year share growth in the Class 8 segment.”
Navistar ended second quarter 2018 with $1.14 billion in consolidated cash, cash equivalents and marketable securities.
In the second quarter the company announced its plans to expand its ReNEWed remanufactured components business product line-up as well as its Fleetrite private label parts business.
Also during the quarter, Navistar demonstrated its electric school bus, chargE, which was developed with alliance partner Volkswagen Truck & Bus, on the road for the first time. The national tour kicked off on the West Coast with a number of demonstrations for customers and government officials in March and April, and will visit a number of U.S. locations throughout 2018.
Based on stronger industry conditions, the company raised its 2018 full-year guidance with Navistar revenues expected to be between $9.75 billion and $10.25 billion.
