Engine and truck maker Navistar International Corp. reported Wednesday that it posted a fiscal first-quarter profit of $234 million compared with a year-earlier loss, as revenue increased slightly.
The company said its earnings for the three months ended Jan. 31, which included the effects of a resolution of a dispute with Ford Motor Co., was equivalent to $3.27 a share, compared with a loss of $65 million, or 92 cents a share, a year earlier.
Contributing to the first-quarter results were the impacts of the company's settlement with Ford and other related costs, which were $190 million of profit before tax.
Analysts surveyed by Thomson Reuters were expecting a profit of $1.23 a share in the first quarter. Analysts generally exclude one-time items from their estimates.
Revenue in the quarter rose slightly to $2.97 billion from $2.95 billion a year earlier. Analysts were expecting $3.32 billion in first-quarter revenue. Navistar said it saw strength in military business and increased Class 8 truck market share.
Navistar also reaffirmed that its guidance for earnings for its fiscal year ending Oct. 31 should be in the range of $370 million, or $5.10 a share, to $410 million, or $5.60 a share, excluding the Ford settlement and related charges. Analysts were expecting full-year profit of $5.23 a share. Including results of the Ford settlement, per diluted share earnings should be in the range of $7.55 to $8.05 per diluted share, the company said.