and engine manufacturer Navistar International Corp. remained
in the red in its fiscal fourth quarter due primarily to lower
sales across all business segments as the company transitioned
to a new emissions strategy.
Lisle, Ill.-based company reduced its net loss to $154 million
for the three months ended Oct. 31 from $2.77 billion in the
same period a year earlier despite a 13.5-percent decline in
revenue to $2.75 billion.
"Operationally, we hit
our plan this quarter and we ended the (fiscal) year with an
order backlog that is up 26 percent compared to this time last
year," Navistar president and chief executive officer Troy A.
Clarke said in a statement Dec. 20.
Navistar reduced its
structural costs, completed its on-highway Class 8 transition
to selective catalytic reduction (SCR) emissions technology and
launched medium-duty products, which resulted in building 500
medium-duty SCR trucks and buses this month, as planned, Clarke
"We are disappointed
that our previous engine strategy continues to negatively
impact us in the form of additional warranty expense, but we
will continue to stand behind our products and manage this
issue as these engines work their way through the ... warranty
cycles," he said. "Were not letting it overshadow the
strong progress weve made. We are ... entering 2014 in a
much stronger position than we were one year ago."
forecasting industry sales of 220,000 to 230,000 Class 8
vehicles in the United States and Canada in its 2014 fiscal
The company posted a
net loss of $898 million for its fiscal year ended Oct. 31,
down 70.2 percent from $3.01 billion the previous year on
revenue that declined 15.1 percent to $10.78 billion.