Truckmaker Navistar International Corp. said it lost close to half a billion dollars in the latest quarter as freight haulers remained reluctant to order trucks. The company warned that losses in the current quarter would be twice as bad as analysts expected.
Navistar reported a net loss of $460 million for the fourth quarter, which ended October 31, compared with a year-earlier profit of $7 million.
The results included $404 million in restructuring charges and losses from discontinued operations. Excluding those items, Navistar said it lost $60 million from continuing operations in the latest quarter.
Navistar's forecast for a first-quarter loss of $1.45 to $1.55 a share was nearly double what Wall Street had expected.
