11/30/07

Timing is everything in UAW strike v. Navistar

Truck and engine maker Navistar International Corp has cut its fiscal 2008 industry forecast for commercial truck and school bus retail sales in the United States and Canada, it reported on Wednesday.

Navistar now expects sales to range from 303,000 to 328,000 for its fiscal 2008, ending on Oct. 31, compared with a prior forecast for 328,000, it said in a filing with the U.S. Securities and Exchange Commission. The forecast includes medium duty trucks, combined heavy and severe service trucks and school buses. Industry truck sales dropped in 2007 after rules requiring cleaner-operating but more expensive engines took effect.

Navistar also disclosed declines in its fiscal fourth quarter and 2007 truck and engine shipments. Warrenville, Illinois-based Navistar said it shipped 27,519 heavy and medium trucks, school buses and other vehicles in its fourth quarter, down 46 percent from a year earlier. Shipments were down 33 percent to 106,429 for the year.

Worldwide engine shipments fell 21.4 percent to 97,688 in its fiscal fourth quarter from a year earlier and fell 22.1 percent to 404,704 in fiscal 2007, Navistar said.

Navistar and the United Auto Workers resumed talks on Monday aimed at settling a contract dispute and ending a strike by about 3,700 workers that began Oct. 23.

(investing.reuters.co.uk)

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