Dec. 18–SPRINGFIELD — Navistar reported fourth quarter net income of $188 million in a conference call with investors this morning, up about 40 percent compared to the same quarter in 2017.
Company officials reported income for $340 million for the year, compared to income of $30 million last year. The increase was largely driven by a 45-percent increase in truck and bus sales in the U.S. and Canada, according to information from the company.
On Monday, members of the National United Auto Workers union also confirmed its members approved a new, six-year deal with the truck maker. Members of the UAW Local 402, which represent the majority of workers at Navistar’sSpringfield facility, are continuing to negotiate a separate agreement over work rules and other issues in Springfield.
“As our ongoing improvements demonstrate, the company also has strong opportunities to benefit by recapturing market share, growing parts revenue, improving margins, generating free cash flow and further de-risking the balance sheet. For all these reasons, looking forward the company is well positioned to generate superior shareholder value,” said Troy Clarke, Navistar’s chairman, president and CEO.
“We were the only truck OEM to grow Class 8 share during the year. With the industry’s newest product line-up, superior quality and a strong focus on customer uptime, we expect to gain market share in 2019 for the third year in a row,” he said.
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