Navistar International Corp (NYSE:NAV) stock was down on Tuesday following the release of its earnings report for the second quarter of 2018.
Navistar International Corp reported revenue of $2.42 billion for the second quarter of the year. This is an increase over its revenue of $2.10 billion from the same period of the year prior. However, it was bad news for NAV stock by coming in below Wall Street’s revenue estimate of $2.44 billion for the quarter.
Navistar International Corp saw its sales across most categories increase during the second quarter of 2018. Despite this, there was one segment that lagged behind: Parts. NAV notes that Parts revenue for the quarter was $601 million, which is down $9 million from the same time last year.
Earnings per share reported by Navistar International Corp for the second quarter of the year came in at 55 cents. This is better than the company’s losses per share of 86 cents from the second quarter of 2017. It also beat out analysts’ earnings per share estimate of 34 cents for the period, but wasn’t enough to save NAV stock.
Net income reported by Navistar International Corp for the first quarter of 2018 was $55 million. This is up from its net loss of $80 million from the second quarter of the previous year.
Despite the mixed results for its second quarter of the year, Navistar International Corp is raising its outlook for 2018. The company says that it expects revenue for the year to come in between $9.75 billion and $10.25 billion. Wall Street is estimating revenue of $9.64 billion for the full year.
NAV stock was down 5% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.