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April 25, 2005

USA: Navistar restates Q1 earnings

Truck maker Navistar International Corp. on Monday lowered its previously reported first-quarter earnings due to an increase in a charge related to its engine foundry operations, Reuters reported.

Truck maker Navistar International Corp. on Monday lowered its previously reported first-quarter earnings due to an increase in a charge related to its engine foundry operations, Reuters reported.

Net income was revised downward to $18 million, or 24 cents a share, from the $20 million, or 27 cents a share, posted on April 14.

Navistar reportedly said that while it was preparing its quarterly filing for US regulators, it discovered that one-time charges related to its engine foundry needed to be increased to $12 million from $8 million.

The first-quarter profit revision will not affect its full-year forecast for earnings of at least $4.60 to $5 a share, the company said, according to Reuters.

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