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NAVISTAR REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 CHICAGO, Feb. 18 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today reported a net loss of $5 million, or $.05 per common share, for the first quarter of fiscal 1993, ended Jan. 31. This compares with a net loss of $32 million, or $.16 per common share, for the first quarter of fiscal 1992.
 Consolidated sales and revenues from the company's manufacturing and financial services operations totalled $1.03 billion, an increase of 15 percent over the $902 million reported for the first quarter of 1992.
 Navistar's retail deliveries of 16,800 units in the first quarter of 1993 were up 13 percent from a year ago. Shipments of mid-range diesel engines to original equipment manufacturers increased 18 percent, reflecting increased demand in both the U.S. and export markets. Sales of replacement parts improved 6 percent over last year's levels.
 Industry retail sales of medium and heavy trucks in North America totalled 58,900 units in the first quarter of fiscal 1993, an increase of 12 percent from the 52,400 units sold in the same period last year.
 James C. Cotting, chairman and chief executive officer of Navistar, said, "the improved first quarter results are attributable to increased sales volumes and reduced operating costs."
 In recent months, Navistar has taken major steps enabling the company to begin implementing its plan to achieve $200 million in medical benefit and operating cost savings.
 In December, Navistar and the United Automobile, Aerospace and Agricultural Implement Workers of America (UAW), which is the court appointed representative for all retirees, reached a tentative agreement on restructuring retiree health care and life insurance benefits. This innovative agreement, which is subject to various legal, shareowner and regulatory approvals, will reduce Navistar's liability for retiree health care and life insurance benefits under accounting rules (SFAS 106) from $2.6 billion to $1.0 billion.
 On Jan. 23, Navistar employees represented by the UAW ratified a new labor agreement which will extend through Oct. 1, 1995. The previous Navistar/UAW agreement, which had been in effect since November 1990, was scheduled to expire on Oct. 1, 1993, but was opened by mutual agreement.
 The company also has targeted a number of initiatives, including a broad range of manufacturing and product quality improvements, design and material cost reductions, and administrative cost reductions, to improve operating efficiency.
 Moving into the second quarter, Navistar's order board for medium and heavy trucks has continued to strengthen. As a result, the company has revised upward its projections for North American industry demand for medium and heavy trucks in fiscal 1993.
 The company now projects North American industry demand for medium trucks and school buses will reach 129,700 units in fiscal 1993, about 10 percent higher than 1992 levels. Heavy truck demand now is projected at 147,800 units in fiscal 1993, an 18 percent increase from 1992.
 Navistar is the North American market share leader in medium and heavy trucks and school bus chassis, and is a worldwide leader in the production of mid-range diesel engines.
 NAVISTAR INTERNATIONAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
 Financial Highlights
 (Millions of dollars, except per share data)
 Three months ended Jan. 31, 1993 1992
 Sales and Revenues:
 Manufacturing $ 983 $ 848
 Financial Services 50 54
 Total $1,033 $ 902
 Net Loss $ (5) $ (32)
 Net Loss Per Common Share $ (.05) $ (.16)
 Average Common and Dilutive Common
 Equivalent Shares Outstanding (millions) 255 252
 As of Jan. 31, 1993 1992
 Consolidated:
 Assets $3,599 $3,358
 Total Debt $1,418 $1,090
 Shareowners' Equity $ 337 $ 537
 Manufacturing:
 Assets $2,169 $2,185
 Short-Term Debt $ 14 $ 9
 Long-Term Debt $ 170 $ 144
 Shareowners' Equity $ 337 $ 537
 Capitalization
 (Long-Term Debt and Shareowners' Equity) $ 507 $ 681
 Long-Term Debt as a percent
 of Total Capitalization 33 21
 Financial Services:
 Assets $1,710 $1,425
 Total Debt $1,234 $ 937
 Shareowner's Equity $ 250 $ 241
 -0- 2/18/93
 /CONTACT: Deborah Spak of Navistar International, 312-836-3232/
 (NAV)


CO: Navistar International Corporation ST: Illinois IN: AUT SU: ERN

SH -- NY017 -- 7712 02/18/93 09:04 EST
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Date:Feb 18, 1993
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