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Stock Alert: Navistar International Up 3% As Q2 Loss Narrower Than Estimates

Shares of Navistar International Corp. (NAV) are advancing more than 3 percent or $0.82 in Thursday's morning trade at $25.66 after the truck maker reported a loss for the second quarter that was narrower than analysts' expectations, while revenues beat expectations.

Thursday, Navistar said its net loss for the second quarter narrowed to $38 million or $0.38 per share from net loss of $48 million, or $0.48 per share in the year-ago period. However, net sales and revenues for the quarter declined 36 percent to $1.93 billion from $3.00 billion in the year-ago period. The impact of COVID-19 resulted in lower volumes in the company's core market.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.41 per share for the quarter on revenues of $1.87 billion. Analysts' estimates typically exclude special items.

Looking ahead, Navistar said it remain steadfast in pursuing Navistar 4.0. The company noted that while some programs and expenditures have been delayed, they have not been cancelled.

The stock has traded in a range of $15.01 to $38.00 in the past 52 weeks.

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