Navistar reports loss of $97M in 2016, says feds have approved Volkswagen deal

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Navistar unveiled its new LT line of tractors in the fourth quarter of the 2016 fiscal year. The LT line will be the company’s new flagship long-haul tractor.Navistar unveiled its new LT line of tractors in the fourth quarter of the 2016 fiscal year. The LT line will be the company’s new flagship long-haul tractor.

Navistar International Corporation today announced a fourth quarter 2016 net loss of $34 million, narrowing a Q4 2015 net loss of $50 million.

Revenues in the quarter were $2.1 billion, a 17 percent decline compared to the fourth quarter 2015 the company says was largely driven by an 18 percent decline in class 6-8 truck charge-outs.

For the full-year 2016 Navistar reported a net loss of $97 million versus a net loss of $184 million last fiscal year. Revenue for the fiscal year 2016 was $8.1 billion, compared to $10.1 billion in fiscal year 2015.

Navistar Chief Executive Troy Clarke also announced regulators in the U.S. and Poland have given Navistar’s partnership with Volkswagen their antitrust approvals, Navistar president and chief executive officer Troy Clarke announced Tuesday. Clarke says the company is still working through filings in Brazil and Mexico, but all necessary regulatory filings have been made and other approvals are pending.

The company expects the transaction to close in the first quarter of calendar year 2017. As part of the deal, Navistar will receive $256 million from Volkswagen in exchange for a 16.6 percent stake in the company

For the fourth quarter 2016, Navistar’s truck segment recorded a loss of $61 million, up from a $36 million loss pasted the same period last year. For the 2016 fiscal year, the truck segment recorded a loss of $189 million, compared with a fiscal year 2015 loss of $141 million.

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