Reuters: Hot Stocks: UPDATE 1-Navistar posts another loss on weak industry demand

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UPDATE 1-Navistar posts another loss on weak industry demand Sep 4th 2013, 13:32 Wed Sep 4, 2013 9:32am EDT * Third-qtr loss/share $2.73 vs est $1.30 - Thomson Reuters I/B/E/S * Third-qtr revenue $2.86 bln vs est $2.92 bln (Adds estimates, details, background; update share move) Sept 4 (Reuters) - Navistar International Corp reported its fourth straight quarterly loss as a failed redesign continued to hurt the truck and engine maker's results while it moves to a new engine, and said it will cut 500 jobs. The company also said its transition to a new emission technology and lower industry demand in North America hurt its core truck business in the third quarter. Revenue fell 12 percent to $2.82 billion in the three months ended July 31. Analysts on average had expected revenue of $2.92 billion. Navistar is developing catalytic reduction engines to reduce nitrogen oxide emission by 70-95 percent after its diesel engine redesign failed to reduce the green house gas' level last year. [ The company, unlike rivals Paccar Inc and Volvo AB , tried to cut emissions without using additive urea. After the U.S. Environmental Protection Agency denied approval for the new engine, Navistar had to source engines from rival Cummins Inc. The company, which replaced its management as billions of dollars were wiped off from its market capitalization, reported a loss of $247 million, or $3.06 per share in the third quarter. Adjusted loss was $2.73 per share, compared with a loss of $1.30 per share that analysts expected, according to Thomson Reuters I/B/E/S. Navistar had reported a profit of $84 million, or $1.22 per share, a year earlier. The company said it expects additional annual savings of $50 to $60 million, starting fiscal year 2014, as a result of cost-cutting measures. Navistar, which employed 18,500 people last year, expects to cut jobs by the end of the fiscal year. Navistar shares, which have halved in value in a little more than two years, were up 1 percent at $34.41 on the New York Stock Exchange on Tuesday early morning. (Reporting by Mridhula Raghavan and Sagarika Jaisinghani in Bangalore; Editing by Saumyadeb Chakrabarty and Joyjeet Das) Link this Share this Digg this Email Reprints

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