CHICAGO Class 8 truck and
engine builder Navistar International Corp. posted a
$123-million loss in its fiscal first quarter, down 19.6
percent from a $153-million loss a year earlier, on sales that
shrank 12.4 percent to $2.64 billion.
The decline in revenue reflected
lower overall industry demand and lower market share as a
result of the companys clean-engine strategy
"We are beginning to see
concrete progress on each of our near-term
prioritiesimproving our quality, launching our new SCR
(selective catalytic reduction) engine programs on schedule and
delivering on our 2013 operating plan, which will put us on a
path to profitability," chairman and chief executive officer
Lewis B. Campbell said in a March 7 statement.
"We have made solid progress,"
he said, noting that Navistar had submitted its 13-liter SCR
engine for certification ahead of schedule and earlier this
week had kicked off pilot production for ProStar+ vehicles
using that engine.
The Lisle, Ill.-based company
also has "aggressively manag(ed) inventories and significantly
reduc(ed) discretionary spending enterprisewide," Campbell
said. "We recognize the need to do even more," given weak
first-half industry volumes.
He said Navistars market
share should begin to improve in the second half with the full
launch of its clean-engine lineup.
Navistar also is streamlining.
It recently sold its equity interests in truck and engine joint
ventures in India, sold its Workhorse Custom Chassis brand and
sublet a portion of its Cherokee, Ala., manufacturing facility
to Chicago-based FreightCar America Inc.