Navistar Q4 net income $102 millionChristian Fernsby ▼ | December 19, 2019
Navistar International Corporation announced fourth quarter 2019 net income of $102 million, or $1.02 per diluted share, compared to fourth quarter 2018 net income of $188 million, or $1.89 per diluted share.
Navistar Net income was $221 million
Adjusted net income for the fourth quarter was $114 million versus $189 million in the same period one year ago.
Adjusted net income for fiscal year 2019 increased 29 percent to $423 million versus $327 million in 2018.
Fourth quarter 2019 adjusted EBITDA was $219 million versus $322 million one year ago.
Fiscal year 2019 adjusted EBITDA increased seven percent to $882 million, versus $826 million in 2018.
This marks the company's seventh consecutive year of annual growth in adjusted EBITDA.
Revenues in the quarter were $2.8 billion, down 16 percent compared to fourth quarter 2018.
The revenue decrease was largely driven by very strong fourth quarter 2018 vehicle chargeouts following supplier production constraints in the third quarter of that year, the impact of the sale of Navistar Defense in December 2018, and lower industry demand in the quarter.
Revenue for fiscal year 2019 was up 10 percent to $11.25 billion, led by a 26 percent increase in worldwide chargeouts to 106,500 units for the year.
During the year, Navistar's Core market share grew by 1.3 points, to 18.8 percent.
The company increased its school bus market share to 35.8 percent, where it is once again the industry leader, increased its Class 6-7 medium duty market share to 27 percent, as well as increased its Class 8 market share to 14.1 percent.
This marks the company's third consecutive year of Core market share growth.
Navistar finished fourth quarter 2019 with $1.4 billion in consolidated cash, cash equivalents and marketable securities, and with $1.3 billion in manufacturing cash, cash equivalents and marketable securities.
For the year, the company generated $263 million of manufacturing free cash flow. ■