Navistar International Corp (NAV.N) on Thursday raised its full-year revenue and truck delivery forecasts amid strong market demand.
truck maker said it now expects 2018 revenue in the range of $9.25
billion to $9.75 billion, compared with its previous guidance of $9
billion to $9.5 billion.
The company raised its forecast
for deliveries of Class 6-8 trucks and buses in the United States and
Canada to between 360,000 and 390,000 units, from 345,000 to 375,000
units. "We expect market conditions to remain robust and
we are determined to take advantage of opportunities to grow share
while delivering strong margin performance," Chief Executive Troy Clarke
said in a statement.
Orders for Class 8 semi-trucks in North America jumped more
than 76 percent in February as trucking companies rushed to add capacity
in a tight U.S. freight market, FTR, a company that tracks the
industry, said on Sunday.
Navistar also said revenue in
the truck business, the company’s biggest, jumped 21.8 percent to $1.25
billion in the first quarter.
The company’s total revenue rose nearly 15 percent to $1.91
billion, but missed the average analyst estimate of $1.92 billion,
according to Thomson Reuters I/B/E/S.
loss attributable to the company widened to $73 million from $62
million. On a per-share basis, the loss was 74 cents in the quarter
ended Jan. 31, compared with 76 cents in the year-ago quarter.
Source of article click here : Reuters