Navistar International lost nearly half a billion dollars in its fiscal fourth quarter as freight haulers remained reluctant to order trucks, and it warned that losses in the current quarter would be twice as bad as Wall Street expected, the Chicago Tribune reported.
The newspaper said the truck maker reported a net loss of $US460 million, or $7.58 a share, compared with a profit of $7 million, or 11 cents a share, a year ago.
For the full fiscal year, Navistar posted a net loss of $536 million, or $8.88 a diluted share, its worst performance in a decade. In the previous fiscal year, it lost $23 million, or 39 cents a share, the Chicago Tribune said.
The newspaper added that Navistar has suffered in the past two years, with freight haulers hesitant to place orders for new trucks in a weak economy while the delay of a contract to supply V6 diesel engines for Ford light trucks further hurt results in the fourth quarter, which ended on October 31.