Navistar Q2 Loss Narrows - Quick Facts

(RTTNews) - Navistar International Corp.(NAV) Thursday posted second-quarter net loss of $297 million or $3.65 per share, compared with a loss of $374 million or $4.65 per share in the year-ago period. The results included $151 million in intangible asset impairment charges and a $29 million tax valuation allowance, both related to declines in actual and forecasted results for the company's operations in Brazil.

Loss per share from continuing operations amounted to $3.66 per share. On average, 19 analysts polled by Thomson Reuters expected the company to report loss of $1.31 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues rose to $2.7 billion from $2.5 billion in the second quarter of 2013. Analysts estimated revenues of $2.72 billion.

Further, the firm raised its structural cost savings target to $250 million from its previous target of $175 million.

For the third quarter, the company projects EBITDA between $75 million and $125 million, excluding pre-existing warranty and one-time items.

Commenting on the outlook, Troy Clarke, Navistar's president and chief executive said: "We saw our market share bounce back strongly in the second quarter and we look to build on this in the second half of our fiscal year." "We also expect our financial performance will continue to build quarter-over-quarter, with third quarter results better than second quarter, and our fourth quarter performance better than the third quarter. We are progressing and building momentum," he added.