WARRENVILLE, Ill. — Navistar International Corp. has reported its fiscal 2009 net income guidance prior to its fourth quarter and fiscal 2008 analyst presentation. The company said that based on current market conditions, net income for its fiscal year ending Oct. 31, 2009, should be in the range of $370 million or $5.10 per diluted share to $410 million or $5.60 per diluted share.
“Our ability to continue to execute our business strategy built around customers, products and growth is reflected in our high level of confidence in the earnings guidance announced today,” said Dan Ustian, Navistar chairman, president and chief executive officer. “Our growth in the commercial truck market outside the U.S. and Canada is due in part to our growing military business and expansion into new business opportunities and will factor into our ability to deliver profitability in 2009 despite a weak North American business climate.”
In addition to its earnings guidance for fiscal 2009, the company also gave an estimate of the industry forecast for North America. The company believes the industry forecast for the United States and Canadian retail sales volume for Class 6-8 trucks and school buses for the fiscal year ending Oct. 31, 2009, should total between 244,000 to 256,000 units. Industry volumes totaled 244,100 units in fiscal 2008; volume was among the lowest in more than 30 years.
“Our profitability in 2008 in turbulent economic conditions demonstrates our ability to grow outside our core North American business by growing beyond the cyclicality of our traditional markets into other profitable businesses,” Ustian said.