New UAW 4-Year Contract Hailed as Solid Investment in the Future
WARRENVILLE, Ill.--(BUSINESS WIRE)--
Navistar International Corporation (NYSE: NAV) today reported profitable
results for the fourth quarter ended Oct. 31, 2010, propelled by the
improved performance of its core business and military sales. Results
included costs related to the ratification of the new UAW contract,
which provides the company the ability to ensure a competitive cost
structure across its production platforms and clears the way for future
bottom-line improvements.
"The North American truck market has been depressed for three years now
and the company has been able to provide good profits while investing in
the future growth," said Daniel C. Ustian, Navistar chairman, president
and chief executive officer. "The company is well positioned to take
advantage of the growing North American market as well as expanding
globally."
"Going forward, we anticipate investments in our global operations will
deliver profits by fiscal 2011 and provide solid returns to our bottom
line in 2012 and 2013," said Ustian. The company has invested more than
$55 million in global expansion in 2010.
Net income attributable to Navistar International Corporation for the
fourth quarter ended Oct. 31, 2010, totaled $39 million, equal to $0.54
of diluted earnings per share, which includes $10 million, equal to
$0.14 diluted earnings per share from separation and layoff costs
related to the new, four-year contract agreement with the UAW. Net
income for the fourth quarter a year ago was $86 million, equal to $1.19
of diluted net income per share. Revenues for the fourth quarter totaled
$3.37 billion, compared with $3.29 billion in the year-ago fourth
quarter.
Fourth-quarter results were in line with the company's earlier
projection that it would deliver more than 17,000 2010-emission
compliant vehicles in the United States and Canada. In addition, in the
past month, the company also won new delivery orders for 250
International® MaxxPro® Mine Resistant Ambush Protected (MRAP) Recovery
vehicles and an additional 175 International® MaxxPro® Dash vehicles
DXM™ independent suspension. Also the company submitted its 15-liter,
2010 MaxxForce® 15 engine for regulatory certification.
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, 2011, will be in the range of 230,000 to
250,000 units.
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Summary Financial Results:
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Fourth Quarter
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Year EndA |
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2010
|
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2009
|
|
2010
|
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2009
|
|
(Dollars in Millions, except per share data)
|
|
|
|
|
|
|
|
|
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Sales & revenues, net
|
|
$3,372
|
|
$3,285
|
|
$12,145
|
|
$11,569
|
|
Segment Results:
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|
|
|
|
|
|
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Truck
|
|
86
|
|
5
|
|
424
|
|
147
|
|
Engine
|
|
(17)
|
|
103
|
|
51
|
|
253
|
|
Parts
|
|
77
|
|
124
|
|
266
|
|
436
|
|
Manufacturing segment profitB |
|
146
|
|
232
|
|
741
|
|
836
|
|
Income before taxes and extraordinary gain
|
|
51
|
|
109
|
|
290
|
|
359
|
|
Net income attributable to Navistar
International Corporation
|
|
39
|
|
86
|
|
223
|
|
320
|
|
Diluted earnings per share attributable
to Navistar International Corporation
|
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0.54
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1.19
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3.05
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4.46
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A. The company revised its previously reported consolidated
balance sheet as of Oct. 31, 2009 and consolidated statements of
stockholders' deficit for the years ended Oct. 31, 2009 and 2008
to reflect the correction of errors identified in those
statements. The errors originated in periods prior to 2008 and the
corrections are not considered material to any previously reported
consolidated financial statements. The 2009 and 2008 impact of
these errors, totaling $10 million, was recognized in the
company's results for 2010 as they were not material to our
financial results for 2009 and 2008. The revisions did not impact
the consolidated statements of cash flows for those periods.
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B. See SEC Regulation G for additional information.
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For fiscal 2010, net income was $223 million, equal to $3.05 of diluted
earnings per share, including the UAW separation and layoff costs of $10
million, equal to $0.14 of diluted earnings per share, compared with
fiscal 2009 net income of $320 million, equal to $4.46 of diluted
earnings per share, including the favorable effects from the settlement
with Ford of $160 million, equal to $2.23 of diluted earnings per share.
Segment Results
Truck — For fiscal 2010, the truck segment realized a profit of
$424 million, compared with a fiscal 2009 profit of $147 million. The
increase was aided by improvements in commercial markets, in spite of
50-year industry lows, as well as materials and cost reduction from the
company's manufacturing strategy. Commercial units sold by the company's
traditional United States and Canada Class 6-8 truck and school bus
businesses increased by 11 percent for fiscal 2010, compared with the
respective prior year.
Engine — The engine segment reported a profit for fiscal 2010 of
$51 million due to a 34 percent increase in South American engine
shipments over fiscal 2009 and the increased ownership of the company's
Blue Diamond Parts operations. Results were offset by decreased volumes
in North America associated with the expiration of the company's
contract with Ford and ongoing expenses associated with the launch of
the company's 2010-emission compliant engines. This is compared with
segment profit of $253 million in fiscal 2009, which included a $160
million impact from the Ford settlement and other related charges as the
company began to transition from its business with Ford.
Parts — Navistar's commercial parts business grew 15 percent
along with the company's increase in market share in the Class 6-8 truck
and bus business. However, total segment profit was down in fiscal 2010
due to a large decline in military sales. For fiscal 2010, the parts
segment reported a profit of $266 million compared with a year-ago
profit of $436 million. The parts segment continues to deliver solid
profits due to increased volumes in North America, partially offsetting
the impact of declines in U.S. military sales. Military sales were
reduced by $489 million in 2010 versus the prior year due to the
completion of MRAP fielding orders in late 2009. The company anticipates
sales will improve in 2011 as sustainment orders are realized and
Navistar begins to deliver on MRAP capability insertion programs.
Financial Services — The 2010 year-end results for the financial
services segment have more than doubled to $95 million as the result of
significant improvement in portfolio performance and reduction in
borrowing costs. This compares to a segment profit of $40 million in
fiscal 2009.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company
whose subsidiaries and affiliates produce International®
brand commercial and military trucks, MaxxForce® brand diesel
engines, IC Bus™ brand school and commercial buses, Monaco RVbrands of recreational vehicles, and Workhorse® brand
chassis for motor homes and step vans. 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, 2010, which was filed on
December 22, 2010. 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.
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Navistar International Corporation and Subsidiaries
|
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Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three Months Ended
|
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For Years Ended
|
|
|
|
October 31,
|
|
October 31,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
(in millions, except % change)
|
|
|
|
|
|
|
|
|
|
Sales of manufactured products, net
|
|
$
|
3,316
|
|
|
$ 3,231
|
|
|
$
|
11,926
|
|
|
$
|
11,300
|
|
|
Finance revenues
|
|
|
56
|
|
|
54
|
|
|
|
219
|
|
|
|
269
|
|
|
Sales and revenues, net
|
|
|
3,372
|
|
|
$ 3,285
|
|
|
$
|
12,145
|
|
|
$
|
11,569
|
|
|
Costs of products sold
|
|
|
2,765
|
|
|
2,629
|
|
|
|
9,741
|
|
|
|
9,366
|
|
|
Restructuring charges
|
|
|
8
|
|
|
4
|
|
|
|
(15
|
)
|
|
|
59
|
|
|
Impairment of property and equipment
|
|
|
—
|
|
|
31
|
|
|
|
—
|
|
|
|
31
|
|
|
Selling, general and administrative expenses
|
|
|
336
|
|
|
359
|
|
|
|
1,406
|
|
|
|
1,344
|
|
|
Engineering and product development costs
|
|
|
126
|
|
|
94
|
|
|
|
464
|
|
|
|
433
|
|
|
Interest expense
|
|
|
64
|
|
|
45
|
|
|
|
253
|
|
|
|
251
|
|
|
Other (income) expense, net
|
|
|
4
|
|
|
4
|
|
|
|
(44
|
)
|
|
|
(228
|
)
|
|
Total costs and expenses
|
|
|
3,303
|
|
|
3,166
|
|
|
|
11,805
|
|
|
|
11,256
|
|
|
Equity in (loss) income of non-consolidated affiliates
|
|
|
(18
|
)
|
|
(10
|
)
|
|
|
(50
|
)
|
|
|
46
|
|
|
Income before income tax and extraordinary gain
|
|
|
51
|
|
|
109
|
|
|
|
290
|
|
|
|
359
|
|
|
Income tax expense
|
|
|
6
|
|
|
5
|
|
|
|
23
|
|
|
|
37
|
|
|
Income (loss) before extraordinary gain
|
|
|
45
|
|
|
104
|
|
|
|
267
|
|
|
|
322
|
|
|
Extraordinary gain, net of tax
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
23
|
|
|
Net income (loss)
|
|
|
45
|
|
|
104
|
|
|
|
267
|
|
|
|
345
|
|
|
Less: Net income attributable to non-controlling interest
|
|
|
6
|
|
|
18
|
|
|
|
44
|
|
|
|
25
|
|
|
Net income (loss) attributable to Navistar International Corporation
|
|
$
|
39
|
|
|
$ 86
|
|
|
$
|
223
|
|
|
$
|
320
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share:
|
|
|
|
|
|
|
|
|
|
Income attributable to Navistar International Corporation before
extraordinary gain
|
|
$
|
0.55
|
|
|
$ 1.21
|
|
|
$
|
3.11
|
|
|
$
|
4.18
|
|
|
Extraordinary gain, net of tax
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
0.33
|
|
|
Net income attributable to Navistar International Corporation
|
|
$
|
0.55
|
|
|
$ 1.21
|
|
|
$
|
3.11
|
|
|
$
|
4.51
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
Income attributable to Navistar International Corporation before
extraordinary gain
|
|
$
|
0.54
|
|
|
$ 1.19
|
|
|
$
|
3.05
|
|
|
$
|
4.14
|
|
|
Extraordinary gain, net of tax
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
0.32
|
|
|
Net income attributable to Navistar International Corporation
|
|
$
|
0.54
|
|
|
$ 1.19
|
|
|
$
|
3.05
|
|
|
$
|
4.46
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
72.2
|
|
|
71.1
|
|
|
|
71.7
|
|
|
|
71.0
|
|
|
Diluted
|
|
|
73.6
|
|
|
72.3
|
|
|
|
73.2
|
|
|
|
71.8
|
|
|
|
|
|
|
|
|
Navistar International Corporation and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of October 31,
|
|
|
|
2010
|
|
2009
|
|
(in millions, except per share data)
|
|
|
|
(Revised)(A) |
|
ASSETS
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
585
|
|
|
$
|
1,212
|
|
|
Marketable securities
|
|
|
586
|
|
|
|
—
|
|
|
Trade and other receivables, net
|
|
|
987
|
|
|
|
855
|
|
|
Finance receivables, net
|
|
|
1,770
|
|
|
|
1,706
|
|
|
Inventories
|
|
|
1,568
|
|
|
|
1,666
|
|
|
Deferred taxes, net
|
|
|
83
|
|
|
|
107
|
|
|
Other current assets
|
|
|
256
|
|
|
|
202
|
|
|
Total current assets
|
|
|
5,835
|
|
|
|
5,748
|
|
|
Restricted cash and cash equivalents
|
|
|
180
|
|
|
|
485
|
|
|
Trade and other receivables, net
|
|
|
44
|
|
|
|
26
|
|
|
Finance receivables, net
|
|
|
1,145
|
|
|
|
1,498
|
|
|
Investments in and advances to non-consolidated affiliates
|
|
|
103
|
|
|
|
62
|
|
|
Property and equipment, net
|
|
|
1,442
|
|
|
|
1,467
|
|
|
Goodwill
|
|
|
324
|
|
|
|
318
|
|
|
Intangible assets, net
|
|
|
262
|
|
|
|
264
|
|
|
Deferred taxes, net
|
|
|
63
|
|
|
|
57
|
|
|
Other noncurrent assets
|
|
|
332
|
|
|
|
103
|
|
|
Total assets
|
|
$
|
9,730
|
|
|
$
|
10,028
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE EQUITY SECURITIES AND STOCKHOLDERS'
DEFICIT
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Notes payable and current maturities of long-term debt
|
|
$
|
632
|
|
|
$
|
1,136
|
|
|
Accounts payable
|
|
|
1,827
|
|
|
|
1,872
|
|
|
Other current liabilities
|
|
|
1,130
|
|
|
|
1,177
|
|
|
Total current liabilities
|
|
|
3,589
|
|
|
|
4,185
|
|
|
Long-term debt
|
|
|
4,238
|
|
|
|
4,156
|
|
|
Postretirement benefits liabilities
|
|
|
2,097
|
|
|
|
2,595
|
|
|
Deferred taxes, net
|
|
|
142
|
|
|
|
142
|
|
|
Other noncurrent liabilities
|
|
|
588
|
|
|
|
624
|
|
|
Total liabilities
|
|
|
10,654
|
|
|
|
11,702
|
|
|
Redeemable equity securities
|
|
|
8
|
|
|
|
13
|
|
|
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
|
|
|
2,206
|
|
|
|
2,181
|
|
|
Accumulated deficit
|
|
|
(1,878
|
)
|
|
|
(2,101
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(1,196
|
)
|
|
|
(1,690
|
)
|
|
Common stock held in treasury, at cost (3.6 and 4.7 shares, at the
respective dates)
|
|
|
(124
|
)
|
|
|
(149
|
)
|
|
Total stockholders' deficit attributable to Navistar International
Corp
|
|
|
(981
|
)
|
|
|
(1,748
|
)
|
|
Stockholders' equity attributable to non-controlling interest
|
|
|
49
|
|
|
|
61
|
|
|
Total stockholders' deficit
|
|
|
(932
|
)
|
|
|
(1,687
|
)
|
|
Total liabilities, redeemable equity securities, and
stockholders' deficit
|
|
$
|
9,730
|
|
|
$
|
10,028
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Revised; See Note 1, Summary of significant accounting
policies of our 2010 audited financial statements.
|
|
|
|
Navistar International Corporation and Subsidiaries
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
For Years Ended
|
|
|
|
October 31,
|
|
|
|
2010
|
|
2009
|
|
(in millions)
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
|
$
|
267
|
|
|
$
|
345
|
|
|
Adjustments to reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
265
|
|
|
|
288
|
|
|
Depreciation of equipment leased to others
|
|
|
51
|
|
|
|
56
|
|
|
Deferred taxes
|
|
|
17
|
|
|
|
(18
|
)
|
|
Impairment of property and equipment, goodwill, and intangible assets
|
|
|
—
|
|
|
|
41
|
|
|
Amortization of debt issuance costs
|
|
|
38
|
|
|
|
16
|
|
|
Stock-based compensation
|
|
|
24
|
|
|
|
16
|
|
|
Provision for doubtful accounts
|
|
|
29
|
|
|
|
50
|
|
|
Equity in loss/income of affiliated companies, net of dividends
|
|
|
55
|
|
|
|
13
|
|
|
Other non-cash operating activities
|
|
|
61
|
|
|
|
54
|
|
|
Changes in operating assets and liabilities, exclusive of the
effects of businesses acquired and disposed:
|
|
|
|
|
|
Trade and other receivables
|
|
|
(136
|
)
|
|
|
197
|
|
|
Finance receivables
|
|
|
546
|
|
|
|
391
|
|
|
Inventories
|
|
|
122
|
|
|
|
135
|
|
|
Accounts payable
|
|
|
(72
|
)
|
|
|
(204
|
)
|
|
Other assets and liabilities
|
|
|
(160
|
)
|
|
|
(142
|
)
|
|
Net cash provided by operating activities
|
|
|
1,107
|
|
|
|
1,238
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchases of marketable securities
|
|
|
(1,876
|
)
|
|
|
(382
|
)
|
|
Sales or maturities of marketable securities
|
|
|
1,290
|
|
|
|
384
|
|
|
Net change in restricted cash and cash equivalents
|
|
|
515
|
|
|
|
71
|
|
|
Capital expenditures
|
|
|
(234
|
)
|
|
|
(151
|
)
|
|
Purchase of equipment leased to others
|
|
|
(45
|
)
|
|
|
(46
|
)
|
|
Proceeds from sales of property and equipment
|
|
|
23
|
|
|
|
6
|
|
|
Investments in and advances to non-consolidated affiliates
|
|
|
(97
|
)
|
|
|
(44
|
)
|
|
Proceeds from sales of affiliates
|
|
|
7
|
|
|
|
10
|
|
|
Business acquisitions, net of escrow received
|
|
|
(2
|
)
|
|
|
(60
|
)
|
|
Acquisition of intangibles
|
|
|
(15
|
)
|
|
|
—
|
|
|
Other investing activities
|
|
|
—
|
|
|
|
—
|
|
|
Net cash used in investing activities
|
|
|
(434
|
)
|
|
|
(212
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from issuance of securitized debt
|
|
|
1,460
|
|
|
|
349
|
|
|
Principal payments on securitized debt
|
|
|
(1,579
|
)
|
|
|
(1,191
|
)
|
|
Proceeds from issuance of non-securitized debt
|
|
|
687
|
|
|
|
1,868
|
|
|
Principal payments on non-securitized debt
|
|
|
(883
|
)
|
|
|
(1,793
|
)
|
|
Net increase (decrease) in notes and debt outstanding under
revolving credit facilities
|
|
|
(866
|
)
|
|
|
159
|
|
|
Principal payments under financing arrangements and capital lease
obligations
|
|
|
(62
|
)
|
|
|
(42
|
)
|
|
Debt issuance costs
|
|
|
(35
|
)
|
|
|
(40
|
)
|
|
Stock repurchases
|
|
|
—
|
|
|
|
(29
|
)
|
|
Call options and warrants, net
|
|
|
—
|
|
|
|
(38
|
)
|
|
Proceeds from exercise of stock options
|
|
|
35
|
|
|
|
13
|
|
|
Dividends paid to non-controlling interest
|
|
|
(57
|
)
|
|
|
(20
|
)
|
|
Net cash used in financing activities
|
|
|
(1,300
|
)
|
|
|
(764
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
—
|
|
|
|
9
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
(627
|
)
|
|
|
271
|
|
|
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
|
|
|
1,212
|
|
|
|
861
|
|
|
Cash and cash equivalents at end of the year
|
|
$
|
585
|
|
|
$
|
1,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Navistar International Corporation and Subsidiaries
|
|
Segment Reporting
|
|
|
|
|
|
We define segment profit (loss) as net income (loss) attributable
to Navistar International Corporation, excluding income taxes.
Selected financial information is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
|
|
|
|
Financial
|
|
and
|
|
|
|
|
|
Truck
|
|
Engine
|
|
Parts
|
|
Services(A)
|
|
Eliminations
|
|
Total
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External sales and revenues, net
|
|
$
|
8,205
|
|
|
$
|
2,031
|
|
|
$
|
1,690
|
|
$
|
219
|
|
$
|
—
|
|
|
$
|
12,145
|
|
|
Intersegment sales and revenues
|
|
|
2
|
|
|
|
955
|
|
|
|
195
|
|
|
90
|
|
|
(1,242
|
)
|
|
|
—
|
|
|
Total sales and revenues, net
|
|
$
|
8,207
|
|
|
$
|
2,986
|
|
|
$
|
1,885
|
|
$
|
309
|
|
$
|
(1,242
|
)
|
|
$
|
12,145
|
|
|
Depreciation and amortization
|
|
$
|
160
|
|
|
$
|
106
|
|
|
$
|
7
|
|
$
|
28
|
|
$
|
15
|
|
|
$
|
316
|
|
|
Interest expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
113
|
|
|
140
|
|
|
|
253
|
|
|
Equity in (loss) income of non-consolidated affiliates
|
|
|
(51
|
)
|
|
|
(2
|
)
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
|
(50
|
)
|
|
Net income attributable to NIC
|
|
|
424
|
|
|
|
51
|
|
|
|
266
|
|
|
95
|
|
|
(613
|
)
|
|
|
223
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
|
23
|
|
|
Segment profit (loss)
|
|
$
|
424
|
|
|
$
|
51
|
|
|
$
|
266
|
|
$
|
95
|
|
$
|
(590
|
)
|
|
$
|
246
|
|
|
Segment assets
|
|
|
2,457
|
|
|
|
1,715
|
|
|
|
811
|
|
|
3,497
|
|
|
1,250
|
|
|
|
9,730
|
|
|
Capital expenditures(B) |
|
|
82
|
|
|
|
116
|
|
|
|
8
|
|
|
2
|
|
|
26
|
|
|
|
234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
$
|
178
|
|
|
$
|
118
|
|
|
$
|
7
|
|
$
|
25
|
|
$
|
16
|
|
|
$
|
344
|
|
|
Interest expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
161
|
|
|
90
|
|
|
|
251
|
|
|
Equity in (loss) income of non-consolidated affiliates
|
|
|
(5
|
)
|
|
|
45
|
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|
46
|
|
|
Net income attributable to NIC
|
|
|
147
|
|
|
|
253
|
|
|
|
436
|
|
|
40
|
|
|
(556
|
)
|
|
|
320
|
|
|
Income tax expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
|
37
|
|
|
Segment profit (loss)
|
|
$
|
147
|
|
|
$
|
253
|
|
|
$
|
436
|
|
$
|
40
|
|
$
|
(519
|
)
|
|
$
|
357
|
|
|
Segment assets
|
|
|
2,660
|
|
|
|
1,517
|
|
|
|
664
|
|
|
4,136
|
|
|
1,051
|
|
|
|
10,028
|
|
|
Capital expenditures(B) |
|
|
65
|
|
|
|
56
|
|
|
|
13
|
|
|
3
|
|
|
14
|
|
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Total sales and revenues in the Financial Services segment
include interest revenues of $270 million, and $304 million for
2010 and 2009, respectively.
|
|
(B) Exclusive of purchases of equipment leased to others.
|
SEC Regulation G
The financial measures presented below are unaudited and non-GAAP.
The measures are not in accordance with, or an alternative for, U.S.
generally accepted accounting principles (GAAP). The non-GAAP financial
information presented herein should be considered supplemental to, and
not as a substitute for, or superior to, financial measures calculated
in accordance with GAAP. However, we believe that non-GAAP reporting,
giving effect to the adjustments shown in the reconciliation below,
provides meaningful information and therefore we use it to supplement
our GAAP reporting by identifying items that may not be related to the
core manufacturing business. Management often uses this information to
assess and measure the performance of our operating segments. We have
chosen to provide this supplemental information to investors, analysts
and other interested parties to enable them to perform additional
analyses of operating results, to illustrate the results of operations
giving effect to the non-GAAP adjustments shown in the below
reconciliations, and to provide an additional measure of
performance.
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 4Q
|
|
2009 4Q
|
|
Fiscal 2010
|
|
Fiscal 2009
|
|
|
|
As Reported
|
|
As Reported
|
|
As Reported
|
|
As Reported
|
|
|
|
With Impacts
|
|
With Impacts
|
|
With Impacts
|
|
With Impacts
|
|
Sales and revenues, net ($billions)
|
|
$3.4
|
|
$3.3
|
|
$12.1
|
|
$11.6
|
|
Manufacturing segment profit ($millions)
|
|
146
|
|
232
|
|
741
|
|
836
|
|
Below the line items
|
|
(101)
|
|
(141)
|
|
(495)
|
|
(479)
|
|
Income excluding income tax
|
|
45
|
|
91
|
|
246
|
|
357
|
|
Income tax expense
|
|
(6)
|
|
(5)
|
|
(23)
|
|
(37)
|
|
Net Income (loss) attributable to Navistar International Corporation
|
|
39
|
|
86
|
|
223
|
|
320
|
|
Diluted earnings (loss) per share ($s) attributable to Navistar
International Corporation
|
|
0.54
|
|
1.19
|
|
3.05
|
|
4.46
|
|
Weighted average shares outstanding: diluted (millions)
|
|
73.6
|
|
72.3
|
|
73.2
|
|
71.8
|
Navistar International Corporation
Media Contact: Roy Wiley,
630-753-2627
Investor Contact: Heather Kos, 630-753-2406
Web
site: www.Navistar.com/newsroom
Source: Navistar International Corporation
News Provided by Acquire Media