The state of the American market has hit Navistar with a net loss of US$62 million in the first quarter of the year.
Revenue was down by 6 per cent year on year, pulling in $1.7 billion in the period.
Navistar has reported downturns in the first quarter for the past few years with a $33 million in 2016 and $42 million the year before.
Despite the result, CEO, chairman and president Troy Clarke remains upbeat about the state of the business.
“Our results are on track with our plan for the year, and demonstrate our ability to effectively manage costs at a time of persistent Class 8 industry headwinds,” said Clarke.
“Our order share continues to outpace our market share, which confirms our confidence in the retail share improvement to come. At the same time, we are rolling out a steady stream of new product introductions that are helping us generate new sales opportunities, and position us to take advantage of the anticipated Class 8 rebound in the second half.”
Navistar is forecasting a boost in sales this fiscal year in the US and Canada in Classes 6-8, shifting its predicted units from 305,000 to 335,000.
Just last week, Navistar and new major stakeholder VW finalised their agreement which will see the German company take a 16.8 per cent share of the business and two seats on the board.
In Australia, Navistar’s International brand will make a comeback under its new distribution agreement with Iveco. Truck and Bus news will have more on this following next week’s press conference.
