Navistar International Corp (NYSE:NAV) jumped Wednesday after reporting quarterly earnings.
The company out of Lisle, Illinois, today announced third-quarter 2019 net income of $156 million, or $1.56 per diluted share, compared to third quarter 2018 net income of $170 million, or $1.71 per diluted share.
Revenues in the quarter were $3 billion, up 17% from the same period one year ago, primarily due to a 28% increase in volumes in the company's Core market
According to CEO Troy Clarke, "This was another great quarter for Navistar. Market share increased, revenues and earnings grew at double-digit rates, and we made significant investments in our operations and our Uptime promise."
Navistar ended third-quarter 2019 with $1.16 billion in consolidated cash, cash equivalents and marketable securities. Manufacturing cash, cash equivalents and marketable securities were $1.11 billion at the end of the quarter.
The company generated $250 million of manufacturing free cash flow during the quarter largely due to strong adjusted EBITDA and net working capital performance.
During its third quarter, Navistar reported its warranty performance and service partnership agreement with Love's and Speedco, initially announced in March, is now fully operational, activating the commercial vehicle industry's largest service network in North America.
What’s more, the company's latest parts distribution center opened late last month near Memphis to help cater to the growing demand for parts and quicker maintenance turnaround times.
NAV shares climbed $1.62, or 7.4%, to $23.48
