WARRENVILLE , Illinois (
said Wednesday fourth-quarter earnings declined as the North American truck market has remained depressed.
Navistar earned $39 million, or 54 cents a share, in its fiscal fourth quarter, which includes costs of $10 million, or 14 cents a share, related to a new, four-year contract agreement with the United Auto Workers.
A year earlier, Navistar earned $86 million, or $1.19 a share.
Revenue for the fourth quarter totaled $3.37 billion, up from $3.29 billion a year earlier.
Analysts surveyed by Thomson Reuters expected the truck maker to earn 60 cents a share in the fourth quarter on revenue of $3.21 billion.
"The North American truck market has been depressed for three years now and the company has been able to provide good profits while investing in the future growth," said Daniel C. Ustian, Navistar's chairman, president and CEO, in a statement Wednesday. "The company is well-positioned to take advantage of the growing North American market as well as expanding globally."
Ustian said the company anticipate investments its making in its global operations "will deliver profits by fiscal 2011 and provide solid returns to our bottom line in 2012 and 2013." Navistar invested more than $55 million in global expansion in 2010.
-- Written by Joseph Woelfel
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