WARRENVILLE, Ill., Dec 21, 2009 (BUSINESS WIRE) -- Navistar International Corporation (NYSE: NAV):
- Manufacturing Segment Profit of $232 million for 4Q, $836 million
for 2009
- Year-End cash balances of $1.2 billion vs. $861 million in 2008
- Navistar Financial bank credit facility refinancing complete
In the face of the worst truck market in 47 years, Navistar
International Corporation (NYSE: NAV) delivered strong fourth-quarter
net income, resulting in a solid profit for the fiscal year ended Oct.
31, 2009.
"Despite current economic challenges, we have remained focused on our
three-pillar strategy which includes being profitable in the toughest of
times while investing in our future for profitable growth," said Daniel
C. Ustian, Navistar's chairman, president and chief executive officer.
Driven by a pickup in fourth-quarter commercial truck volume and
continued military sales, the company reported 2009 fourth-quarter net
income of $86 million, equal to $1.19 of diluted earnings per share, on
sales and revenues of $3.3 billion. Fourth-quarter 2009 earnings were
reduced by charges and costs that totaled $42 million (pre-tax), or
$0.58 per diluted share. These charges included a $31 million asset
impairment charge related to the idling of the Chatham, Ontario, and
Conway, Ark., manufacturing facilities and an $11 million charge related
to company's refinancing of its capital structure. In the fourth quarter
a year ago, Navistar reported a loss of $343 million, equal to $4.81 of
diluted loss per share, on sales and revenues of $3.9 billion. The 2008
fourth-quarter loss resulted from asset impairment and related charges
of $385 million (pre-tax), or $5.37 per diluted share, arising from
strategic changes in the company's Ford diesel engine business.
Net income for the fiscal year ended Oct. 31, 2009 totaled $320 million,
equal to $4.46 of diluted earnings per share, on net sales and revenues
of $11.6 billion. Net income benefited from a settlement with Ford Motor
Co. that totaled $160 million (pre-tax), equal to $2.19 of diluted
earnings per share. Excluding the Ford settlement and fourth-quarter
charges and costs as referenced above, fiscal 2009 net income would have
totaled $205 million, equal to $2.86 of diluted earnings per share.
In fiscal 2008, Navistar reported net income of $134 million, equal to
$1.82 of diluted earnings per share, on net sales and revenues of $14.7
billion. Earnings in 2008 were impacted by asset impairment and other
related charges of $395 million (pre-tax), or $5.39 per diluted share,
arising from strategic changes in its Ford diesel engine business.
Without these costs, net income would have been $528 million, equal to
$7.21 of diluted earnings per share.
Manufacturing segment profit was $232 million for the 2009 fourth
quarter and $836 million for the full year, compared with a
manufacturing segment loss of $168 million for the 2008 fourth quarter
and manufacturing segment profit of $693 million for the full year.
"During one of the weakest economies we can recall, we are pleased with
our performance and our ability to continue to invest in the long-term
future of the business," said A.J. Cederoth, Navistar's executive vice
president and chief financial officer. "As a result, we believe we are
well positioned to capitalize on a variety of opportunities that lie
ahead."
The company had previously stated it anticipated manufacturing cash
balances for the year in the range of $700 million to $800 million and
it in fact closed 2009 with a manufacturing cash balance of $1.2 billion
compared with $751 million as of the prior quarter ended July 31, 2009.
"The steps taken in 2009 have positioned us to move forward with our
operations when the economy continues to recover in 2010," Cederoth said.
Continuing on its path to meet the latest emissions requirements through
its advanced EGR (exhaust gas recirculation) MaxxForce(R) engines, the
company said it is prepared for a successful engine launch in the months
ahead. In early December, 28 IC Bus(TM) school buses meeting 2010 emissions
requirements were delivered to the Columbus, Miss., school district,
marking the first 2010-compliant diesel buses to be delivered to its
customers. In preparation for the launch of its 2010-compliant engines,
Navistar engineers have conducted extensive testing and validation over
the last two years, accumulating more than 15.7 million test miles.
"We believe that our customer-friendly solution positions our products
with a significant competitive advantage," said Ustian.
The company continues to advance strategic joint venture and
acquisitions that align with its strategic goals, including NC2,
the company's global commercial truck joint venture with Caterpillar
Inc., the all-electric commercial truck venture with Modec Limited of
the United Kingdom, and the acquisition of the engine components
business from Continental Diesel Systems US, LLC. In December, Navistar
also completed its acquisition of the cement mixer manufacturing
business of Continental Mfg. Company, Inc., and invested in Danish
technology company Amminex, which will offer it another tool to explore
cost-effective, customer-friendly technologies that fit the company's
advanced EGR platform. The company believes these initiatives and
expansions will be key contributors to its future success.
"Our actions have enabled us to deliver exceptional 2009 results, while
simultaneously making it possible for us to succeed in an improving
economy and deliver continued profitability over the next several
years," said Ustian. "The momentum established in the wake of these
accomplishments positions us well for long-term success and to take on
the challenges that 2010 will pose for all in our industry."
The company anticipates that total truck industry retail sales volume
for Class 6-8 trucks and school buses in the United States and Canada
for the year ending Oct. 31, 2010, will be in the range of 175,000 to
215,000 units.
Segment Results
Truck -- Decreased U.S. military sales, lower volumes in
traditional markets and higher material costs contributed to the truck
segment's lower segment profit of $147 million for the year ended Oct.
31, 2009, compared with segment profit of $805 million in 2008, a year
that included major U.S. military sales as part of the company's Mine
Resistant Ambush Protected (MRAP) vehicle program. Navistar increased
its traditional market share across most classes during the fourth
quarter and year ended Oct. 31, 2009. The market share of its Class 8
heavy duty vehicle has been bolstered by a 6 percentage point growth for
the 2009 fiscal year compared to the same period in 2008. The increases
are primarily driven by the growing popularity of the most fuel
efficient Class 8 truck on the road -- the International(R)
ProStar(R) -- and the continued purchase of trucks by larger
fleets, as well as U.S. military procurements.
Engine -- Although engine unit volumes continued to lag the prior
year, the Engine segment delivered a $253 million segment profit in
fiscal 2009, including the impact of the increased equity ownership in
Blue Diamond Parts, improved fourth-quarter shipments to our truck
segment and the impacts of the Ford settlement, compared with a fiscal
2008 segment loss of $366 million which includes $395 million of asset
impairment and other related charges to its diesel engine business for
Ford pickups. Total engine unit volumes declined by 76,200 units in
fiscal 2009. The development of the company's 15-liter program is
progressing as planned with the first demo units now being delivered to
key customers for field testing.
Parts -- Strengthened by continued strong sales to the U.S.
military, the Parts segment reported a fiscal 2009 segment profit of
$436 million, an increase of 72% over the prior year period, on sales
totaling $2.2 billion, compared with a segment profit of $254 million on
sales of $1.8 billion a year ago. The improvement in profit is primarily
the result of its ability to expand into adjacent markets, primarily the
military, without significant investment in product development or
distribution infrastructure. Military sales increased by $519 million,
which more than offset decreased demand caused by the global economic
climate.
Financial Services -- Despite the challenging economic
environment, the financial services segment continues to demonstrate
improvements as it delivered a segment profit of $40 million in fiscal
2009, compared with a segment loss of $24 million in 2008. The impacts
of declining portfolio balances were offset by higher earnings from
increased interest rates and fees charged to dealers, retail customers
and the manufacturing operations. Navistar Financial Corporation (NFC)
continues to demonstrate its ability to access diversified funding
sources to help Navistar dealers and customers finance equipment. In
December, NFC successfully refinanced its bank credit facility with a
new three-year revolving credit facility and term loan totaling $815
million and completed a private asset sale and secured loan, which
generated proceeds totaling $304 million with one of its relationship
banks. In November, NFC also issued $350 million in three-year
asset-backed securities to support dealer inventory funding, in a deal
eligible for funding under the U.S. Federal Reserve's TALF (Term
Asset-Backed Securities Loan Facility) program, and completed a $299
million retail securitization in April. With the completion of the TALF
deal and the refinancing of its bank facility, NFC has completed its
2009 refinancing actions.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company
whose subsidiaries and affiliates produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RVbrands of recreational vehicles, and Workhorse(R) brand
chassis for motor homes and step vans. It also is a private-label
designer and manufacturer of diesel engines for the pickup truck, van
and SUV markets. The company also provides truck and diesel engine
service parts. Another affiliate offers financing services. Additional
information is available at www.Navistar.com/newsroom.
Forward-Looking Statement
Information provided and statements contained in this report that are
not purely historical are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements only speak as of the date of this report and the company
assumes no obligation to update the information included in this report.
Such forward-looking statements include information concerning our
possible or assumed future results of operations, including descriptions
of our business strategy. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or
similar expressions. These statements are not guarantees of performance
or results and they involve risks, uncertainties, and assumptions. For a
further description of these factors, see Item 1A, Risk Factors of our
Form 10-K for the fiscal year ended October 31, 2009, which was filed on
December 21, 2009.Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many factors
that could affect our actual financial results or results of operations
and could cause actual results to differ materially from those in the
forward-looking statements. All future written and oral forward-looking
statements by us or persons acting on our behalf are expressly qualified
in their entirety by the cautionary statements contained or referred to
above. Except for our ongoing obligations to disclose material
information as required by the federal securities laws, we do not have
any obligations or intention to release publicly any revisions to any
forward-looking statements to reflect events or circumstances in the
future or to reflect the occurrence of unanticipated events.
| | | | | | | | | | |
| Navistar International Corporation and Subsidiaries |
| Consolidated Statements of Operations |
| | | | | | | | | | |
|
| | | Three Months Ended
October 31 | | | For the Years Ended
October 31 |
| | | 2009 | | 2008 | | | 2009 | | 2008 |
| (in millions, except per share data) | | | | | | | | | | |
| Sales and revenues | | | | | | | | | | |
|
Sales of manufactured products, net
| | | $3,231 | | |
$3,810
| | | | $ 11,300 | | |
$ 14,399
|
|
Finance revenues
| | | 54 | | |
60
| | | | 269 | | |
325
|
| | | | | | | | | | |
|
Sales and revenues, net
| | | 3,285 | | |
3,870
| | | | 11,569 | | |
14,724
|
| | | | | | | | | | |
| Costs and expenses | | | | | | | | | | |
|
Costs of products sold
| | | 2,629 | | |
3,218
| | | | 9,366 | | |
11,942
|
|
Restructuring charges
| | | 4 | | | -- | | | | 59 | | |
--
|
|
Impairment of property and equipment
| | | 31 | | |
358
| | | | 31 | | |
358
|
|
Selling, general and administrative expenses
| | | 359 | | |
378
| | | | 1,344 | | |
1,437
|
|
Engineering and product development costs
| | | 94 | | |
92
| | | | 433 | | |
384
|
|
Interest expense
| | | 45 | | |
112
| | | | 251 | | |
469
|
|
Other (income) expenses, net
| | |
4
| | |
25
| | | | (228 | ) | |
14
|
| | | | | | | | | | |
|
Total costs and expenses
| | | 3,166 | | |
4,183
| | | | 11,256 | | |
14,604
|
|
Equity in income of non-consolidated affiliates
| | | (10 | ) | |
8
| | | | 46 | | |
71
|
| | | | | | | | | | |
|
Income (loss) before income tax, minority interest, and
extraordinary gain
| | | 109 | | |
(305
|
)
| | | 359 | | |
191
|
|
Income tax expense
| | | 5 | | |
38
| | | | 37 | | |
57
|
| | | | | | | | | | |
|
Income (loss) before minority interest and extraordinary gain
| | | 104 | | |
(343
|
)
| | | 322 | | |
134
|
|
Minority interest in net income of subsidiaries, net of tax
| | |
(18
|
)
| |
--
| | | | (25 | ) | |
--
|
| | | | | | | | | | |
|
Income (loss) before extraordinary gain
| | | 86 | | |
(343
|
)
| | | 297 | | |
134
|
|
Extraordinary gain, net of tax
| | | -- | | |
--
| | | | 23 | | |
--
|
| | | | | | | | | | |
| Net income (loss) | | | $86 | | |
($343
|
)
| | | $ 320 | | |
$ 134
|
| | | | | | | | | | |
| Basic earnings (loss) per share: | | | | | | | | | | |
|
Income (loss) before extraordinary gain
| | | $1.21 | | |
($4.81
|
)
| | | $ 4.18 | | |
$ 1.89
|
|
Extraordinary gain, net of tax
| | | -- | | |
--
| | | | 0.33 | | |
--
|
| | | | | | | | | | |
| Net income (loss) | | | $1.21 | | |
($4.81
|
)
| | | $ 4.51 | | |
$ 1.89
|
| | | | | | | | | | |
| Diluted earnings (loss) per share: | | | | | | | | | | |
|
Income (loss) before extraordinary gain
| | | $1.19 | | |
($4.81
|
)
| | | $ 4.14 | | |
$ 1.82
|
|
Extraordinary gain, net of tax
| | | -- | | |
--
| | | | 0.32 | | |
--
|
| | | | | | | | | | |
| Net income (loss) | | | $1.19 | | |
($4.81
|
)
| | | $ 4.46 | | |
$ 1.82
|
| | | | | | | | | | |
| | | | | | | | | | |
|
Weighted average shares outstanding
| | | | | | | | | | |
|
Basic
| | | 71.1 | | |
71.4
| | | | 71.0 | | |
70.7
|
|
Diluted
| | | 72.3 | | |
71.4
| | | | 71.8 | | |
73.2
|
| | | | | | | | | | | | | |
|
| Navistar International Corporation and Subsidiaries |
| Consolidated Balance Sheets |
| | | | | | |
| | | As of October 31, |
| | | 2009 | | | 2008 |
| (in millions, except per share data) | | | | | | |
| ASSETS | | | | | | |
|
Current assets
| | | | | | |
|
Cash and cash equivalents
| | | $ | 1,212 | | | |
$
|
861
| |
|
Trade and other receivables, net
| | | | 855 | | | | |
1,025
| |
|
Finance receivables, net
| | | | 1,706 | | | | |
1,789
| |
|
Inventories
| | | | 1,666 | | | | |
1,628
| |
|
Deferred taxes, net
| | | | 107 | | | | |
75
| |
|
Other current assets
| | | | 202 | | | | |
157
| |
| | | | | | |
|
Total current assets
| | | | 5,748 | | | | |
5,535
| |
|
Restricted cash and cash equivalents
| | | | 485 | | | | |
557
| |
|
Trade and other receivables, net
| | | | 26 | | | | |
31
| |
|
Finance receivables, net
| | | | 1,498 | | | | |
1,948
| |
|
Investments in and advances to non-consolidated affiliates
| | | | 62 | | | | |
156
| |
|
Property and equipment, net
| | | | 1,467 | | | | |
1,501
| |
|
Goodwill
| | | | 318 | | | | |
297
| |
|
Intangible assets, net
| | | | 264 | | | | |
232
| |
|
Deferred taxes, net
| | | | 52 | | | | |
41
| |
|
Other noncurrent assets
| | | | 107 | | | | |
92
| |
| | | | | | |
| Total assets | | | $ | 10,027
| | | |
$
|
10,390
| |
| | | | | | |
| | | | | | |
| LIABILITIES, REDEEMABLE EQUITY SECURITIES AND STOCKHOLDERS'
DEFICIT | | | | | | |
| Liabilities | | | | | | |
|
Current liabilities
| | | | | | |
|
Notes payable and current maturities of long-term debt
| | | $ | 1,136 | | | |
$
|
665
| |
|
Accounts payable
| | | | 1,872 | | | | |
2,027
| |
|
Other current liabilities
| | | | 1,177 | | | | |
1,183
| |
| | | | | | |
|
Total current liabilities
| | | | 4,185 | | | | |
3,875
| |
|
Long-term debt
| | | | 4,270 | | | | |
5,409
| |
|
Postretirement benefits liabilities
| | | | 2,570 | | | | |
1,646
| |
|
Deferred taxes, net
| | | | 142 | | | | |
103
| |
|
Other noncurrent liabilities
| | | | 599 | | | | |
703
| |
| | | | | | |
|
Total liabilities
| | | | 11,766 | | | | |
11,736
| |
| Minority interest | | | | 61 | | | | |
6
| |
| Redeemable equity securities | | | | 13 | | | | |
143
| |
| Stockholders' deficit | | | | | | |
|
Series D convertible junior preference stock
| | | | 4 | | | | |
4
| |
|
Common stock ($0.10 par value per share, 110.0 shares authorized,
75.4 shares issued at both dates)
| | | | 7 | | | | |
7
| |
|
Additional paid in capital
| | | | 2,071 | | | | |
1,966
| |
|
Accumulated deficit
| | | | (2,072 | ) | | | |
(2,392
|
)
|
|
Accumulated other comprehensive loss
| | | | (1,674 | ) | | | |
(943
|
)
|
|
Common stock held in treasury, at cost (4.7 and 4.1 shares, at the
respective dates)
| | | | (149 | ) | | | |
(137
|
)
|
| | | | | | |
|
Total stockholders' deficit
| | | | (1,813 | ) | | | |
(1,495
|
)
|
| | | | | | |
| Total liabilities, redeemable equity securities, and
stockholders' deficit | | | $ | 10,027 | | | |
$
|
10,390
| |
| | | | | | | | | | |
|
| Navistar International Corporation and Subsidiaries |
| Condensed Consolidated Statements of Cash Flows |
| | | | | |
| | For the Years Ended |
| | October 31 |
| | 2009 | | | 2008 |
| (in millions) | | | | | |
| Cash flows from operating activities | | | | | |
|
Net income (loss)
| | $ | 320 | | | |
$
|
134
| |
|
Adjustments to reconcile net income (loss) to cash provided by
operating activities:
| | | | | |
|
Depreciation and amortization
| | | 288 | | | | |
329
| |
|
Depreciation of equipment leased to others
| | | 56 | | | | |
64
| |
|
Deferred taxes
| | | (18 | ) | | | |
56
| |
|
Impairment of property and equipment, goodwill, and intangible assets
| | | 41 | | | | |
372
| |
|
Amortization of debt issuance costs
| | | 16 | | | | |
15
| |
|
Stock-based compensation
| | | 16 | | | | |
15
| |
|
Provision for doubtful accounts
| | | 50 | | | | |
65
| |
|
Equity in income of affiliated companies, net of dividends
| | | 13 | | | | |
14
| |
|
Other non-cash operating activities
| | | 54 | | | | |
49
| |
|
Changes in operating assets and liabilities, exclusive of the
effects of businesses acquired and disposed:
| | | | | |
|
Trade and other receivables
| | | 197 | | | | |
(352
|
)
|
|
Finance receivables
| | | 391 | | | | |
614
| |
|
Inventories
| | | 135 | | | | |
(221
|
)
|
|
Accounts payable
| | | (204 | ) | | | |
339
| |
|
Other assets and liabilities
| | | (137 | ) | | | |
(373
|
)
|
| | | | | |
| Net cash provided by operating activities | | | 1,218 | | | | |
1,120
| |
| | | | | |
| Cash flows from investing activities | | | | | |
|
Purchases of marketable securities
| | | (382 | ) | | | |
(42
|
)
|
|
Sales or maturities of marketable securities
| | | 384 | | | | |
46
| |
|
Net change in restricted cash and cash equivalents
| | | 71 | | | | |
(143
|
)
|
|
Capital expenditures
| | | (151 | ) | | | |
(176
|
)
|
|
Purchase of equipment leased to others
| | | (46 | ) | | | |
(39
|
)
|
|
Proceeds from sales of property and equipment
| | | 6 | | | | |
20
| |
|
Investments in and advances to non-consolidated affiliates
| | | (44 | ) | | | |
(17
|
)
|
|
Proceeds from sales of affiliates
| | | 10 | | | | |
20
| |
|
Business acquisitions, net of escrow received
| | | (60 | ) | | | |
--
| |
|
Other investing activities
| | |
--
| | | | |
(2
|
)
|
| | | | | |
| Net cash provided by (used in) investing activities | | | (212 | ) | | | |
(333
|
)
|
| | | | | |
| Cash flows from financing activities | | | | | |
|
Proceeds from issuance of securitized debt
| | 349 | | | | |
1,076
| |
|
Principal payments on securitized debt
| | (1,191 | ) | | | |
(1,725
|
)
|
|
Proceeds from issuance of non-securitized debt
| | 1,868 | | | | |
104
| |
|
Principal payments on non-securitized debt
| | (1,793 | ) | | | |
(64
|
)
|
|
Net increase (decrease) in notes and debt outstanding under
revolving credit facilities
| | 159 | | | | |
(18
|
)
|
|
Principal payments under financing arrangements and capital lease
obligations
| | (42 | ) | | | |
(67
|
)
|
|
Debt issuance costs
| | (40 | ) | | | |
(11
|
)
|
|
Stock repurchases
| | (29 | ) | | | |
--
| |
|
Call options and warrants, net
| | (38 | ) | | | |
--
| |
|
Other financing activities
| | 13 | | | | |
29
| |
| | | | | |
| Net cash used in financing activities | | (744 | ) | | | |
(676
|
)
|
| | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | 9 | | | | |
(27
|
)
|
| | | | | |
| Increase (decrease) in cash and cash equivalents | | 271 | | | | |
84
| |
| Increase in cash and cash equivalents upon consolidation of Blue
Diamond Parts and Blue Diamond Truck | | 80 | | | | |
--
| |
| Cash and cash equivalents at beginning of the year | | 861 | | | | |
777
| |
| | | | | |
| Cash and cash equivalents at end of the year | | $ 1,212 | | | |
$
|
861
| |
| | | | | | | | |
|
| Navistar International Corporation and Subsidiaries |
| Segment Reporting |
| | | | | | | | | | | | |
We define segment profit (loss) as net income (loss) excluding
income tax expense. Selected financial information is as follows:
|
| | | | | | | | | | Corporate | | |
| | | | | | | | Financial | | and | | |
| | Truck | | Engine | | Parts | | Services(A) | | Eliminations | | Total |
| (in millions) | | | | | | | | | | | | |
| October 31, 2009 | | | |
| | | | | | | | |
|
External sales and revenues, net
| | $ | 7,294 | | | $ | 2,031 | | | $ | 1,975 | | $ | 269 | | | $ |
--
| | | $ | 11,569 | |
|
Intersegment sales and revenues
| | | 3 | | | | 659 | | | | 198 | | | 79 | | | | (939 | ) | | |
--
| |
| | | | | | | | | | | | |
|
Total sales and revenues, net
| | $ | 7,297 | | | $ | 2,690 | | | $ | 2,173 | | $ | 348 | | | $ | (939 | ) | | $ | 11,569 | |
| | | | | | | |
| | | | |
|
Depreciation and amortization
| | $ | 159 | | | $ | 111 | | | $ | 6 | | $ | 25 | | | $ | 16 | | | $ | 317 | |
|
Interest expense
| | | -- | | | | -- | | | | -- | | | 161 | | | | 90 | | | | 251 | |
|
Equity in income (loss) of non-consolidated affiliates
| | | (5 | ) | | | 45 | | | | 6 | | |
--
| | | |
--
| | | | 46 | |
|
Income (loss) before income tax, minority interest, and
extraordinary gain
| | | 124 | | | | 278 | | | | 436 | | | 40 | | | | (519 | ) | | | 359 | |
|
Minority interest in net income of subsidiaries, net of tax
| | |
--
| | | | (25 | ) | | |
--
| | |
--
| | | |
--
| | | | (25 | ) |
|
Extraordinary gain, net of tax
| | | 23 | | | |
--
| | | |
--
| | |
--
| | | |
--
| | | | 23 | |
| | | | | | | | | | | | |
|
Segment profit (loss)
| |
$
| 147 | | |
$
| 253 | | |
$
| 436 | |
$
| 40 | | |
$
| (519 | ) | |
$
| 357 | |
| | | | | | | | | | | | |
|
Segment assets
| |
$
| 2,660 | | |
$
| 1,517 | | |
$
| 664 | |
$
| 4,136 | | |
$
| 1,050 | | |
$
| 10,027 | |
|
Capital expenditures(B) | | | 65 | | | | 56 | | | | 13 | | | 3 | | | | 14 | | | | 151 | |
| | | | | | | | | | | | |
| October 31, 2008 | | | | | | | | | | | | |
|
External sales and revenues, net
| |
$
|
10,314
| | |
$
|
2,499
| | |
$
|
1,586
| |
$
|
325
| | |
$
|
--
| | |
$
|
14,724
| |
|
Intersegment sales and revenues
| | |
3
| | | |
758
| | | |
238
| | |
80
| | | |
(1,079
|
)
| | |
--
| |
| | | | | | | | | | | | |
|
Total sales and revenues, net
| |
$
|
10,317
| | |
$
|
3,257
| | |
$
|
1,824
| |
$
|
405
| | |
$
|
(1,079
|
)
| |
$
|
14,724
| |
| | | | | | | | | | | | |
|
Depreciation and amortization
| |
$
|
183
| | |
$
|
161
| | |
$
|
7
| |
$
|
22
| | |
$
|
20
| | |
$
|
393
| |
|
Interest expense
| | |
--
| | | |
--
| | | |
--
| | |
313
| | | |
156
| | | |
469
| |
|
Equity in income (loss) of non-consolidated affiliates
| | |
(14
|
)
| | |
80
| | | |
5
| | |
--
| | | |
--
| | | |
71
| |
|
Segment profit (loss)
| | |
805
| | | |
(366
|
)
| | |
254
| | |
(24
|
)
| | |
(478
|
)
| | |
191
| |
|
Segment assets
| | |
2,796
| | | |
1,374
| | | |
711
| | |
4,879
| | | |
630
| | | |
10,390
| |
|
Capital expenditures(B) | | |
84
| | | |
76
| | | |
6
| | |
8
| | | |
2
| | | |
176
| |
| | | | | | | | | | | | | | | | | | | | | | | |
|
A.
| |
Total sales and revenues in the Financial Services segment include
interest revenues of $304 million and $386 million for 2009 and
2008, respectively.
|
|
B.
| |
Exclusive of purchases of equipment leased to others.
|
| | |
SEC Regulation G
The financial measures presented below are unaudited and non-GAAP.
The measures are not in accordance with, or an alternative for, U.S.
generally accepted accounting principles (GAAP). The non-GAAP financial
information presented herein should be considered supplemental to, and
not as a substitute for, or superior to, financial measures calculated
in accordance with GAAP. However, we believe that non-GAAP reporting,
giving effect to the adjustments shown in the reconciliation below,
provides meaningful information and therefore we use it to supplement
our GAAP reporting by identifying items that may not be related to the
core manufacturing business. Management often uses this information to
assess and measure the performance of our operating segments. We have
chosen to provide this supplemental information to investors, analysts
and other interested parties to enable them to perform additional
analyses of operating results, to illustrate the results of operations
giving effect to the non-GAAP adjustments shown in the below
reconciliations, andto provide an additional measure of
performance.
| 2009 Q4 | | | 2009 | | | 2008 Q4 | | | 2008 |
|
Non GAAP
Without Impacts
| |
Non GAAP
Impacts
| |
As Reported
With Impacts
| | |
Non GAAP
Without Impacts
| |
Non GAAP
Impacts
| |
As Reported
With Impacts
| | |
Non GAAP
Without Impacts
| |
Non GAAP
Impacts
| |
As Reported
With Impacts
| | |
Non GAAP
Without Impacts
| |
Non GAAP
Impacts
| |
As Reported
With Impacts
|
|
U.S. and Canada Industry
|
44,400
| | |
181,800
| | |
63,100
| | |
244,100
|
|
($billions)
| | |
($billions)
| | |
($billions)
| | |
($billions)
|
|
Sales and revenues, net
|
$ 3.3
| | |
$11.6
| | |
$3.9
| | |
$14.7
|
| ($millions) | | | ($millions) | | | ($millions) | | | ($millions) |
Manufacturing segment profit * (excluding items listed below)
|
$279
| |
NA
| |
$279
| | |
$707
| |
NA
| |
$707
| | |
$217
| |
NA
| |
$217
| | |
$1,088
| |
NA
| |
$1,088
|
|
Ford settlement net of related charges
| | |
(16)
| |
(16)
| | | | |
160
| |
160
| | | | |
(27)
| |
(27)
| | | | |
(37)
| |
(37)
|
|
Impairment of property, plant and equipment
| | |
(31)
| |
(31)
| | | | |
(31)
| |
(31)
| | | | |
(358)
| |
(358)
| | | | |
(358)
| |
(358)
|
|
Manufacturing segment profit
|
279
| |
(47)
| |
232
| | |
707
| |
129
| |
836
| | |
217
| |
(385)
| |
(168)
| | |
1,088
| |
(395)
| |
693
|
|
Below the line items
(excluding items listed below)
|
(130)
| |
NA
| |
(130)
| | |
(468)
| | | |
(468)
| | |
(137)
| | | |
(137)
| | |
(502)
| | | |
(502)
|
|
Write-off of debt issuance cost
| | |
(11)
| |
(11)
| | | | |
(11)
| |
(11)
| | | | | | |
NA
| | | | | | |
NA
|
|
Below the line items
|
(130)
| |
(11)
| |
(141)
| | |
(468)
| |
(11)
| |
(479)
| | |
(137)
| |
NA
| |
(137)
| | |
(502)
| |
NA
| |
(502)
|
|
Income (loss) excluding income tax
|
149
| |
(58)
| |
91
| | |
239
| |
118
| |
357
| | |
80
| |
(385)
| |
(305)
| | |
586
| |
(395)
| |
191
|
|
Income tax benefit (expense)
|
(5)
| |
NA
| |
(5)
| | |
(34)
| |
(3)
| |
(37)
| | |
(39)
| |
1
| |
(38)
| | |
(58)
| |
1
| |
(57)
|
|
Net Income (loss)
|
$144
| |
$(58)
| |
$86
| | |
$205
| |
$115
| |
$320
| | |
$41
| |
$(384)
| |
$(343)
| | |
$528
| |
$(394)
| |
$134
|
|
Diluted earnings (loss) per share ($'s)
|
$1.99
| |
$(0.80)
| |
$1.19
| | |
$2.86
| |
$1.60
| |
$4.46
| | |
$0.56
| |
$(5.37)
| |
$(4.81)
| | |
$7.21
| |
$(5.39)
| |
$1.82
|
|
Weighted average shares outstanding: diluted (millions) |
72.3
| | | |
72.3
| | |
71.8
| | | |
71.8
| | |
73.0
| | | |
71.4
| | |
73.2
| | | |
73.2
|
| | | | | | | | | | | | | | |
Basic
| |
$0.57
| |
($5.38)
| |
($4.81)
| | | | | | | |
| | | | | | | | | | | | | | |
71.4
| | | |
71.4
| | | | | | | |
|
* Includes: minority interest in net income of subsidiaries net of
tax; extraordinary gain net of tax.
|
SOURCE: Navistar International Corporation
Navistar International Corporation
Media Contact: Roy Wiley, 630-753-2627
Investor Contact: Heather Kos, 630-753-2406
Web site: www.Navistar.com/newsroom
Copyright Business Wire 2009