Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > RV Industry Press
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
 
Thread Tools Search this Thread Display Modes
 
Old 08-02-2012, 07:29 AM   #1
iRV2 Marketing
 
DriVer's Avatar
 
Winnebago Owners Club
Workhorse Chassis Owner
Coastal Campers
Carolina Campers
Join Date: Jan 2000
Location: Conway, SC
Posts: 23,304
Blog Entries: 70
Navistar Announces Actions Designed to Enhance Competitive Position




News Release Issued: August 2, 2012 8:02 AM EDT


Navistar Announces Actions Designed to Enhance Competitive Position, Drive Profitable Growth and Increase Shareholder Value


LISLE, Ill., Aug. 2, 2012 /PRNewswire-FirstCall/ -- Navistar International Corporation (NYSE: NAV) today announced significant actions that build on the company's previously announced introduction of ICT+ (In-Cylinder Technology Plus) and are designed to enhance the company's competitive position and drive profitable growth and shareholder value. These actions include:
  • Adopting a U.S. market proven aftertreatment solution to accelerate delivery of ICT+, Navistar's next generation clean engine solution;
  • A market transition plan for Class 8 engine sales; and
  • Securing a $1.0 billion loan commitment, which further enhances Navistar's liquidity.
Navistar also provided an outlook for fiscal third quarter 2012 and announced it will provide updated guidance on full-year fiscal 2012 when the company releases its third quarter results in September.
"The actions announced today establish a clear path forward for Navistar and position the company to deliver a differentiated product to our customers and provide a platform for generating profitable growth," said Daniel C. Ustian, Navistar chairman, president and CEO.

ICT+ Update
As previously announced, the introduction of ICT+ leverages the advances Navistar has made in clean engine technology, while also providing greater certainty for its customers, dealers, and other key constituents. To accelerate delivery of ICT+, Navistar has entered into a non-binding memorandum of understanding, under which Cummins Emission Solutions would supply its proven urea-based aftertreatment system to Navistar. This would be combined with Navistar's advanced in-cylinder engine to create ICT+.

Navistar expects that by combining Cummins' aftertreatment system with its existing MaxxForce engines, its ICT+ will meet 2010 U.S. Environmental Protection Agency (EPA) emissions regulations and position the company to meet greenhouse gas (GHG) rules in advance of 2014 and 2017 requirements. "With this clean engine solution, we are taking the best of both technology paths to provide our customers with the cleanest and most fuel efficient engines and trucks on the market and to meet stringent U.S. emission regulations," Ustian said.

Market Transition Plan
During the transition to ICT+, Navistar will continue to build and ship current model EPA-compliant trucks in all vehicle classes using appropriate combinations of earned emissions credits and/or non-conformance penalties (NCPs). The company continues to have productive discussions with the EPA and the California Air Resources Board (CARB) regarding its transition to ICT+.

As part of the expanded relationship with Cummins Inc., Navistar plans to offer the Cummins ISX15 engine in certain models, expanding the company's vehicle lineup and on-highway market opportunity. Navistar plans to introduce the Cummins ISX15 engine as a part of its North American on-highway truck line-up beginning in January 2013 and to begin the introduction of ICT+ in its MaxxForce 13-liter in early 2013.

Financing Commitment & Cash Update
The company anticipates that its manufacturing cash will be between $575 million and $625 million at the end of the third quarter. Additionally, to support these actions and to improve its financial flexibility, Navistar has entered into a firm commitment letter with a group of banks led by JPMorgan Chase Bank, N.A. and Goldman Sachs Lending Partners LLC and including Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse pursuant to which the banks have committed to provide an up to five year $1.0 billion senior secured term loan. A portion of the proceeds from this financing will be used to pay down the existing borrowings under Navistar's ABL credit facility.

Business Outlook
Navistar also provided an outlook for fiscal third quarter 2012 and withdrew its full-year fiscal 2012 guidance until the company releases its third quarter results in September, at which time it will provide an updated full-year outlook. The changes reflect the company's transition to the ICT+ engine solution, its ongoing work with EPA regarding this solution, and uncertainty regarding overall global demand for trucks and engines, particularly in key markets such as India and Brazil.

Navistar's overall market share for the fiscal third quarter is projected to remain flat: Class 8 at 17-18%; Class 6-7 at 35-36%; and school bus at 48-49%. The company's third quarter revenues are expected to be $2.8 billion to $3 billion. Navistar expects fiscal third quarter adjusted manufacturing segment profit to be between $15 and $40 million, excluding the impact of the company's engineering integration and non-conformance penalties. Including the impact of these charges the manufacturing segment profit is estimated to be between a $15 million loss to $15 million of profit. Navistar expects an adjusted pretax loss of between $115 million and $80 million. Including the impact of the engineering integration and non-conformance penalties Navistar expects a pretax loss of between $145 and $105 million.

"We expect to sustain our current market share through the balance of the year, and with the addition of ICT+ and an expanded model lineup, improve our market share in 2013," Ustian said. "We expect to return to profitability in the fourth quarter and believe the company will be in a position to improve margins in 2013 as we realize the benefits of our integration and ongoing cost reduction initiatives. We look forward to providing further details of our plan to drive shareholder value on our third quarter results conference call in September."

Additional Update
The company also disclosed that it has received a formal letter of inquiry from the United States Securities and Exchange Commission requesting additional information related to certain accounting and disclosure matters. Navistar is cooperating fully with this request.

About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco® RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts. Another affiliate offers financing services. Additional information is available at www.Navistar.com/newsroom.
__________________

__________________
03 Adventurer 38G, Workhorse W22
F&R Track Bars, Safety+ , Ultrapower, Taylor Extremes, SGII
TST 507, Blue Ox, SMI, Koni FSD, CrossFire
RV/MH Hall of Fame - Lifetime Member
DriVer is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 08-05-2012, 07:21 PM   #2
Community Moderator
 
"007"'s Avatar


 
Nor'easters Club
Workhorse Chassis Owner
iRV2 No Limits Club
Join Date: Oct 2004
Posts: 26,726
At least they still have the Workhorse chassis mentioned and one of their brands on another page.
__________________

__________________
98KSCA, 99MACA, 03 KSCA-3740- 8.1 Chev-- ALLISON Trans, now in good hands
VISIT the NEWMAR QUICK TIPS & EASYMODS 1 & 2
QUICK TIPS # 3
RV SYSTEMS & APPLIANCES & RECALLS --- TECH INFORMATION
"007" is offline   Reply With Quote
Old 08-06-2012, 11:58 AM   #3
iRV2 Marketing
 
DriVer's Avatar
 
Winnebago Owners Club
Workhorse Chassis Owner
Coastal Campers
Carolina Campers
Join Date: Jan 2000
Location: Conway, SC
Posts: 23,304
Blog Entries: 70
Quote:
Originally Posted by 007";1267340]At least they still have the Workhorse chassis mentioned and [B][URL="http://www.navistar.com/Navistar/Brands
one of their brands[/URL][/B] on another page.
The engines used on Workhorse, Vesta & Trip called the MaxxForce 7 will not need to used a liquid based urea.
__________________
03 Adventurer 38G, Workhorse W22
F&R Track Bars, Safety+ , Ultrapower, Taylor Extremes, SGII
TST 507, Blue Ox, SMI, Koni FSD, CrossFire
RV/MH Hall of Fame - Lifetime Member
DriVer is offline   Reply With Quote
Reply

Tags
navistar



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 05:56 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.