Navistar International Corporation (NYSE:NAV) came out with fourth-quarter results Tuesday.
The Lisle, Illinois-based company reported fourth-quarter 2018 net income of $188 million, or $1.89 per diluted share, compared to fourth quarter 2017 net income of $135 million, or $1.36 per diluted share. Navistar reported net income of $340 million, or $3.41 per diluted share for fiscal year 2018, versus net income of $30 million, or $0.32 per diluted share, for fiscal year 2017.
Revenues in the quarter increased 28%, to $3.3 billion, compared to fourth quarter 2017. The revenue increase was largely driven by a 45% increase in the company's Core volumes, which represent its sales of Class 6-8 trucks and buses in the United States and Canada.
Revenue for fiscal year 2018 was up 20% to $10.25 billion, compared to $8.6 billion in fiscal year 2017, attributable to annual revenue growth in all four operating segments.
Navistar finished fourth-quarter 2018 with $1.42 billion in consolidated cash, cash equivalents and marketable securities, and with $1.36 billion in manufacturing cash, cash equivalents and marketable securities. For the year, the company generated $307 million of manufacturing free cash flow.
Said CEO Troy Clarke, "We were the only truck OEM to grow Class 8 share during the year. With the industry's newest product line-up, superior quality and a strong focus on customer uptime, we expect to gain market share in 2019 for the third year in a row."
Navistar shares gained $4.31, or 18.1%, to $28.15
