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Navistar reports wider-than-expected loss, is reviewing buyout bid received during Q1


kscarbel2
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Tomi Kilgore, MarketWatch  /  March 4, 2020

Shares of Navistar International Corp. (NAV) were indicated down a little over 1% in pre-market trading Wednesday, after the commercial truck maker reported a bigger-than-expected fiscal first-quarter loss, but said it had received an unsolicited buyout bid during the quarter.

Navistar said the bid was from alliance partner TRATON, and the board of directors is "carefully reviewing and evaluating the proposal."

For the quarter to January 31, Navistar swung to a net loss of $36 million, or 36 cents a share, from net income of $11 million, or 11 cents a share, in the year-ago period. The FactSet consensus for net loss per share was 31 cents. Revenue fell to $1.84 billion from $2.43 billion, citing declines in sales of Class 6-8 trucks and buses, but topped the FactSet consensus of $1.78 billion.

Navistar reiterated its 2020 revenue outlook of $9.25 billion to $9.75 billion.

Navistar stock has rallied 12.2% over the past three months through Tuesday, while the S&P 500 has lost 3.5%.

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5 minutes ago, kscarbel2 said:

This is a set-up, an engineered excuse to sell out to the Germans.

Exactly.

Dog.jpg.487f03da076af0150d2376dbd16843ed.jpgPlodding along with no job nor practical application for my existence, but still trying to fix what's broke.

 

 

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