In Tuesday pre-market trading , Navistar International Corp. ( NAV ) was up about 10% on the back of the company posting its financial results for the fourth quarter of its fiscal 2018. The company reported annual net sales growth of 26.2% to $2.6 billion, while its profit advanced to $1.36 per share.
For the fourth quarter 2017, the Truck segment registered a profit of $112 million, compared with a quarter loss of $61 million a year ago. The Parts segment recorded a profit of $157 million, down slightly from a year ago. The Global Operations segment reached a profit of $1 million, compared to a year-ago quarter loss of $2 million, and the Financial Services segment recorded a profit of $26 million, compared to a profit of $23 million.
Troy A. Clarke, chairman, president and CEO, said, "These results were driven by stronger sales, our steady investment in the industry's newest product lineup, early results from our strategic alliance with Volkswagen Truck & Bus and our ongoing focus on cost."
Further, for the fourth trimester, adjusted EBITDA reached $268 million and Adjusted EBITDA margins increased to 10.3%. Fiscal year 2017 adjusted EBITDA was $582 million higher than the $508 million adjusted EBITDA for the past year. Full-year adjusted EBITDA margins increased to 6.8%.
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The main European stock markets traded higher. The U.K.'s FTSE gained 0.53%, Spain's Ibex was up 0.91%, Germany's Dax closed up 1.59% and France's CAC advanced 1.39%.
In Asia, Japan's Nikkei closed down 0.15%, while Hong Kong's Hang Seng gained 0.70%, China?s SSE Composite jumped 0.88% and India's BSE Sensex inched up 0.70%.
Disclosure : The author holds no positions in any stocks mentioned.
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