Navistar, parent company of International Trucks, has reported a $73 million USD ($94 million AUD) loss for the first quarter of 2018.
The manufacturers losses come despite a strong increase in sales and revenue and a very optimistic outlook for the rest of the year.
In the Navistar financial statement released to the New York Stock Exchange (NYSE) the company mostly attributed the loss to debt refinancing in late 2017.
Despite ending in the red in the first quarter, Navistar say they have $975 million USD ($1.25 billion AUD) in cash in the bank and other securities.
Across the three-month period Navistar delivered 2,400 units year-over-year led by a 56% improvement in heavy-duty truck sales and this helped increase revenue by 15% compared to the same period last year.
And, as far as the rest of the year, Troy A. Clarke, Chairman, President and CEO, says things are looking rosy.
“We are off to a strong start in 2018 thanks to our ability to grow Navistar’s position in a strengthening market,”
“Our improvement this year is due largely to the market’s positive reaction to our new products, including the LT Series and the 13 litre A26 engine,”
“In fact, the strong interest in our A26 engine has us nearly doubling our share of trucks with 13 litre engines in the first quarter of 2018 compared to a year ago.”
While the just launched updated MV Series medium-duty truck range is almost certain to help the business through 2018 too.
“Given the progress made in Q1, and our positive outlook for the remainder of the year, we are confident that 2018 will be the breakout year for Navistar.” Clarke said.
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