Navistar International Corp. has announced a second quarter 2015 net loss of $64 million, or $0.78 per diluted share, compared to a second quarter 2014 net loss of $297 million, or $3.65 per diluted share. Revenues in the quarter were $2.7 billion.
Second quarter 2015 EBITDA was $85 million versus an EBITDA loss of $119 million in the same period a year ago. The $204 million year-over-year improvement was driven by an increase in truck segment sales, favorable product mix and the continuation of lower warranty expense and cost reductions. Prior year results included $149 million in asset impairment charges related to the company’s South American engine operations.
Second quarter 2015 adjusted EBITDA was $102 million compared to $82 million in the second quarter of 2014. The second quarter included one-time net charges of $17 million, compared to one-time charges of $201 million in the second quarter of 2014.
“Our results reflect continued progress in improving enterprise-wide business operations and positive momentum in the North American industry,” said Troy A. Clarke, Navistar president and chief executive officer. “We continue to make solid improvements in our North American truck and parts businesses and are especially encouraged by the progress in our bus business as well as increased market share in our medium-duty business, where we saw significant improvement in sales to major rental and leasing fleets and strong results in dealer-led sales.”
Highlights from the quarter include a 10 percent year-over-year increase in chargeouts in the company’s core markets (Class 6-8 trucks and buses in the United States and Canada). This included a 24 percent increase in Class 6 and 7 medium-duty trucks and a 9 percent increase in combined Class 8 trucks.
During the quarter, the company continued its best-in-class technology integration strategy with its first-to-market announcement of Bendix Wingman Fusion — among the industry’s most advanced safety systems — available on the company’s International Class 8 on-highway tractors.