Revenues for its first fiscal quarter of 2015 hit $2.4 billion for an increase of 10% over the same period in 2014, according to Navistar International Corp. The company also reported a net loss of $42 million for the quarter, compared to a loss of $248 million in Q1 2014. Navistar’s fiscal first quarter ended on Jan. 1.
The revenue increase was driven by a 17% improvement in Class 6-8 trucks and buses sales in the U.S. and Canada. School buses lead the improvement with a 42% jump over Q1 2014, while medium-duty trucks showed a 25% increase and heavy trucks a 7% increase. Navistar also reported that higher export truck sales helped offset a decline in used truck sales for the first fiscal quarter.
The truck maker’s EBITDA (earnings before interest, income tax, depreciation and amortization) for the quarter were positive at $101 million versus a loss of $110 million last year. Navistar credited the $211 million turnaround to “increase in sales and favorable product mix in core markets as well as the continuation of lower warranty expense and reduced operational and structural costs.”
“Our first quarter results reflect our continued momentum and on-going progress in improving the fundamentals of our business,” said Troy A. Clarke, Navistar president and CEO. “In the first quarter, we once again increased our production, chargeouts and order backlog. Our improved product quality is driving reduced warranty spend and we continue to lower our breakeven point.”
