Sept. 03--Navistar reported a net loss of $2 million Wednesday morning, but the truck manufacturer's president said there were positive trends in the company's third quarter earnings report.
Company officials cited lower warranty costs and repairs, and said the company saw positive income from its operations before taxes for the first time since 2011.
Navistar lost $2 million, or $.02 per share. But that's significantly less than the $247 million loss, or $3.06 per share, from the same time last year.
That's despite relatively flat revenues, meaning the lower losses are due to cost savings.
"We are treating this as a milestone inside our company," said Troy Clarke, Navistar's president and CEO.
The earnings report showed continued improvement, according to Vicki Bryan, an analyst from Gimme Credit. Still, she said, the company faces challenges as it tries to gain market share against competitors that are in a stronger financial position.
"That means the jury is still out for Navistar's 2015 prospects for market share, but its overall outlook still looks far better year-over-year," Bryan said.
Navistar is one of the largest employers in Clark County with more than 800 employees at its Springfield facility and thousands of retirees in the area.
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