Navistar profit more than doubles on tax benefit

Posted June 9, 2010 at 6:11 a.m.

Reuters | Navistar International Corp. posted higher quarterly earnings Wednesday as several one-time tax benefits helped the maker of engines and vehicles offset what it characterized as tough market conditions.

Navistar reported a profit of $30 million, or 42 cents a share, for the second quarter ended on April 30, up from $12 million, or 16 cents a share, a year earlier. Sales fell 2 percent to $2.74 billion. The results included value added tax recoveries of $30 million for Navistar’s truck segment and $12 million for its engine segment in Brazil. 

 

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