Heavy truck maker Navistar International saw its profit plunge 64.6 percent to $17 million in its most recent quarter, as sales dropped 5.4 percent to $2.8 billion.
The company lowered manufacturing costs, expanded overseas and claimed to gain market share in the quarter ending Jan. 31, the first quarter of its fiscal year.
In the fiscal year that ended Oct. 31, Navistar reported $320 million in net income on $11.6 billion in revenue. Its truck segment’s sales declined 29 percent in 2009.
“First quarter results reflect the progress we are making in the toughest of economic conditions and in a normally difficult seasonal quarter for our company due to fewer operating days,” said Daniel C. Ustian, Navistar’s chairman, president and CEO.
The company expects net income of $127 million to $163 million for fiscal 2010.
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