Navistar to Restate Results for the First Nine Months of Fiscal 2008; Reaffirms Guidance for 2008 - aftermarketNews

Navistar to Restate Results for the First Nine Months of Fiscal 2008; Reaffirms Guidance for 2008

Navistar continues to affirm its guidance for fiscal 2008 of projected net income in the range of $467 million to $548 million.

WARRENVILLE, Ill. — Navistar International said it will restate its financial results for the nine months ended July 31. As a result, the company expects to increase reported net income by $50 million to $70 million (68 cents to 95 cents per diluted share) for the nine months ended July 31.
 
Navistar continues to affirm its guidance for fiscal 2008 of projected net income in the range of $467 million to $548 million and diluted earnings per share of $6.35 to $7.45, excluding charges for impairment of long-lived assets and related charges associated with certain assets in its Engine segment. Navistar’s Truck segment performed for the year as anticipated; however, the profitability occurred earlier in the current fiscal year than previously expected.

The company said the need for the restatement relates to overstatement of costs of products sold and the understatement of inventories and accounts payable in Navistar’s Truck segment. Navistar expects to file one or more amended quarterly reports prior to filing its 2008 annual 10-K. The restatement is not expected to delay the company’s year-end filing for fiscal 2008 scheduled for Dec. 30.

You May Also Like

EV Manufacturers to Headline Work Truck Week 2023 Conference

Work Truck Week will take place at the Indiana Convention Center in Indianapolis, March 7–10, 2023.

NTEA, the Association for the Work Truck Industry, announced it added exclusive update sessions from five electric vehicle manufacturers to the Work Truck Week 2023 educational conference. These EV sessions join the dozen previously announced OEM updates. During the sessions, manufacturer representatives will cover important technical information about their vehicle chassis, design and powertrains.

FleetPride Acquires Berggren Diesel

This is FleetPride’s 12th acquisition this year.

FleetPride Acquires Harland Diesel Service

The acquisition marks the 11th for FleetPride this year.

Truck Supply Co. of South Carolina Expands Footprint 

Truck Supply expands into St. Louis, Missouri, with its acquisition of another HDA Truck Pride member, Tractor Trailer Supply.

Battery One Inc. Joins VIPAR Heavy Duty

Company specializes in battery installation, custom cables, a full line of heavy-duty engine filters and industrial power.

Other Posts

HDA Truck Pride Partners with Diagnostic Tool Provider

Diesel Laptops provides solutions in diagnostic tools, repair information and more.

Pilot Co., Volvo Group Partner to Build Charging Network

Partnership to bring public charging infrastructure to medium- and heavy-duty North American customers.

HDAD Announces ‘Real World Segment 2023’ Panelists

The panel discussion will take place at Heavy Duty Aftermarket Dialogue on Monday, Jan. 16, 2023.

FleetPride Expands Parts & Services in Utah 

The truck and trailer parts distributor has acquired family owned Best Deal Spring & Truck Parts.