Navistar posts lower quarterly profit

By Reuters
Posted Dec. 22, 2010 at 5:58 a.m.

Navistar International Corp. reported lower quarterly earnings Wednesday, pulled down by employee termination costs from its new union contract.

The company, which makes commercial and military trucks, buses, motorhomes and engines, reported a profit of $39 million, or 54 cents a share, for the fourth quarter ended on Oct. 31, down from $86 million, or $1.19 a share, a year earlier.

Sales rose 2 percent to $3.37 billion.

Analysts on average expected the Warrenville-based company to report a profit of 60 cents a share before items and a net profit of 59 cents on sales of $3.21 billion, according to Thomson Reuters I/B/E/S.

Navistar said the results included $10 million — or about 14 cents a share — in separation and layoff costs from its new four-year contract with the United Automobile, Aerospace and Agricultural Implement Workers of America.

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