Revenues in the quarter slid 6 percent $1.7 billion, a decline of six percent from the first quarter last year. The decrease primarily reflects lower truck volumes due to soft Class 8 heavy industry conditions and lower global sales.
Troy Clarke, Navistar chairman, president and CEO, says a bright spot was that the company’s order share continues to outpace its market share, signaling growing confidence in the retail share improvement to come.
“At the same time, we are rolling out a steady stream of new product introductions that are helping us generate new sales opportunities, and position us to take advantage of the anticipated Class 8 rebound in the second half,” Clarke says.
In the first quarter, Navistar began deliveries of its new International LT Series long-haul truck and last week unveiled its new International A26 engine, which the company expects will drive improved share in the 13-liter segment.
Clarke reiterated that Navistar plans to continue to introduce new products every four to six months through the end of next year, refreshing its entire product portfolio, while also expanding it with its re-entry into Class 4/5 vehicles through its collaboration with General Motors.
Last month, the company began production on its other major project with the Detroit automaker when it began manufacturing General Motors’ cutaway G van at its Springfield, Ohio plant. In addition to generating additional revenues, it will also help enhance the company’s manufacturing capacity utilization.
