Truck and engine maker Navistar International reports a second quarter net loss of $297 million, or $3.65 per diluted share. That's an improvement from the second quarter of 2013, when the company reported a net loss of $374 million, or $4.65 per diluted share.
Revenues in the quarter were $2.7 billion, up from $2.5 billion in the fiscal second quarter of 2013.
Three months ago, the company reported a first quarter loss of $248 million, or $3.05 per share, compared to a fiscal first quarter 2013 net loss of $123 million, or $1.53 per share. Revenues in the quarter were $2.2 billion, down from $2.6 billion in the fiscal first quarter of 2013.
"We continue to make progress with our 'Drive to Deliver' and we have seen a number of encouraging signs this quarter, including improvements in our market share and strong order backlog, positive trends in our warranty expense and spend, and higher than expected structural cost reductions," said Troy A. Clarke, Navistar president and CEO.
Clark says this is the third quarter in a row where Navistar met or exceeded their earnings before interest, taxes, depreciation and amortization (EBITDA) guidance. He also adds that the company has not gone over their cash guidance for seven quarters in a row.
Navistar finished the second quarter 2014 with $1.06 billion in manufacturing cash, cash equivalents and marketable securities, in line with its cash guidance range of $1 billion to $1.1 billion.
"We still have much work to do in our core North America operations as well as in Brazil, where we are taking actions to lower our breakeven point to offset the ongoing economic challenges in that country," Clarke said. "Overall, we feel good about our steady gains and positive momentum."
Second quarter highlights include year-over-year improvements both in orders and retail market share for medium-duty and heavy-duty trucks. The company's medium-duty Class 6 and 7 retail market share was 26.4 percent for the quarter, up from 17.3 percent in the first quarter of 2014 and 25.8 percent in the second quarter of 2013.
Combined Class 8 retail market share was 14.9 percent for the quarter, up from 13.9 percent in the first quarter of 2014 and 14.5 percent in the second quarter of 2013.
