Navistar reports Q4 (Oct) results, beats on revs; guides FY18 revs in-line, with midpoint above consensus
- Reports Q4 (Oct) earnings of $1.36 per share, may not be comparable to the Capital IQ Consensus of $0.63; revenues rose 25.9% year/year to $2.6 bln vs the $2.27 bln Capital IQ Consensus. The revenue increase was largely driven by a 31-percent increase in the company's Core (Class 6-8 trucks and buses in the United States and Canada) volumes.
- Fourth quarter 2017 adjusted EBITDA was $268 million, which included $11 million of adjustments. Adjusted EBITDA margins increased to 10.3 percent. Fiscal year 2017 adjusted EBITDA was $582 million, versus $508 million adjusted EBITDA for 2016. Full-year adjusted EBITDA margins increased to 6.8 percent.
- Co issues in-line guidance for FY18, sees FY18 revs of $9-9.5 bln vs. $9.03 bln Capital IQ Consensus Estimate; Adjusted EBITDA is expected to be between $675 million and $725 million; Retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be in the range of 345,000 units to 375,000 units.
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