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April 8, 2010

US: Navistar raises fiscal 2010 profit guidance

Truckmaker Navistar International on Thursday (8 April, 2010) said it had raised its net earnings guidance for fiscal 2010 (ending 31 October) to be in the range of US$198m-$234m, or $2.75-$3.25 per share, due mainly to increased military orders.

Truckmaker Navistar International on Thursday (8 April, 2010) said it had raised its net earnings guidance for fiscal 2010 (ending 31 October) to be in the range of US$198m-$234m, or $2.75-$3.25 per share, due mainly to increased military orders.

The company had previously said that , based on continued economic recovery, it expected total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada would be in the range of 195,000 to 215,000 units this financial year. Truck industry volume in fiscal 2009 was 181,800 units, which was during the worst truck markets in over 47 years.

Navistar also said it was evaluating the full impact of the recently enacted Patient Protection and Affordable Care Act on its business. Many companies have disclosed increases in tax expense due to changes in tax treatment of the Medicare Part D drug subsidy. Navistar has a full valuation allowance against these deferred tax assets, therefore these changes are expected to have no current impact on income tax expense.

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