Navistar International Corporation (NYSE:NAV) climbed in stock price Tuesday on the release of quarterly numbers.
The company, based in Lisle, Ill., announced second quarter 2019 net loss of $48 million, or $0.48 per diluted share, compared to second quarter 2018 net income of $55 million, or $0.55 per diluted share.
The loss reflected a one-time charge of $159 million to address a legal class action settlement and related litigation from legacy engines.
Revenues in the quarter were $3 billion, up 24% from the $2.4 billion in the second quarter last year. The increase primarily reflects higher volumes in the company's Core (Class 6-8 trucks and buses in the United States and Canada) market, where chargeouts were up 35%.
Said Navistar CEO Troy Clarke, "In the second quarter, Navistar accelerated market share growth, demonstrating the success of our new product lineup.
"We grew revenue and adjusted EBITDA, stepped up our Uptime value proposition, and lowered our risk profile, enabling the company to focus intensely on the road ahead."
Navistar ended second quarter 2019 with $1.0 billion in consolidated cash, cash equivalents and marketable securities. Manufacturing cash, cash equivalents and marketable securities were $950 million at the end of the quarter.
Navistar has announced multiple new initiatives that will improve customer uptime. Among them, the company created a new Aftersales function that will manage every facet of the business after the sale of the truck, including oversight of parts and service, warranty, and dealer development, in order to drive improved customer total cost of ownership.
NAV shares popped $1.77, or 5.7%, to $32.87
