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NAVISTAR REPORTS SECOND QUARTER FINANCIAL RESULTS

 CHICAGO, May 20 /PRNewswire/ -- Navistar International Corp. (NYSE: NAV) today reported net income of $8 million, or $.01 per common share, for the second quarter of fiscal 1993, ended April 30. This compares with a net loss of $35 million, or $.17 per common share, for the second quarter of 1992.
 Consolidated sales and revenues from the company's manufacturing and financial services operations totalled $1.24 billion, an increase of 36 percent over the $913 million reported for the second quarter of 1992.
 Navistar's retail deliveries of 20,700 medium and heavy trucks and school bus chassis in the second quarter of 1993 were up 40 percent from a year ago. Shipments of mid-range diesel engines to original equipment manufacturers increased 19 percent. Sales of replacement parts improved 12 percent over last year's levels.
 Industry retail sales of medium and heavy trucks and school bus chassis in North America totalled 71,500 units in the second quarter of fiscal 1993, an increase of 19 percent from the 60,000 units sold in the same period last year.
 "Orders for heavy trucks remain strong, while the market for medium trucks is improving as well," said James C. Cotting, chairman and chief executive officer.
 As a result, the company has increased its projection for industry demand for heavy trucks in fiscal 1993. The company now projects that North American industry demand for heavy trucks will increase 27 percent over 1992 levels, to 159,000 units. Industry demand for medium trucks and school buses in 1993 is projected to increase 10 percent over 1992 levels, to 130,000 units.
 Navistar maintained its position as the sales leader in the combined North American retail market for medium and heavy trucks with a 28.7 percent market share for the first half of fiscal 1993, up from 26.4 percent for the first half of fiscal 1992.
 For the first half of fiscal 1993, Navistar reported net income of $3 million, which represents a loss of $.04 per common share after accruing for cumulative preferred stock dividends. This compares with a net loss of $67 million, or $.32 per common share for the first six months of 1992. Consolidated sales and revenue totalled $2.27 billion in the first six months of 1993, which compares with $1.82 billion reported for the same period in 1992.
 During the second quarter, the company continued to work toward securing the court, regulatory and shareowner approvals that are necessary to begin implementing its new retiree health care and life insurance program. The company currently is awaiting a decision from the U.S. District Court in Dayton, Ohio on the settlement agreement regarding retiree health care and life insurance benefits that previously was reached between Navistar and a class comprising Navistar retirees, employees, and the unions representing its employees. Because the settlement agreement provides for the issuance of new shares of stock and certain amendments to Navistar's corporate charter, shareowner approval also is required. The company tentatively plans to hold a special meeting of shareowners toward the end of June to seek the shareowner approvals necessary to begin implementing the new program.
 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.
 FINANCIAL HIGHLIGHTS
 (Millions of dollars, except per share data)
 Periods ended Three months Six months
 April 30, 1993 1992 1993 1992
 Sales and Revenues:
 Manufacturing $1,189 $ 871 $2,172 $1,719
 Financial Services 49 42 99 96
 Total $1,238 $ 913 $2,271 $1,815
 Net Income (Loss) $ 8 $ (35) $ 3 $ (67)
 Net Income (Loss)
 Per Common Share $ .01 $ (.17) $ (.04) $ (.32)
 Average Common and
 Dilutive Common
 Equivalent Shares
 Outstanding (millions) 257 252 256 252
 As of April 30 1992 1991
 Consolidated:
 Assets $3,667 $3,481
 Total Debt $1,349 $1,190
 Shareowners' Equity $ 345 $ 494
 Manufacturing:
 Assets $2,288 $2,211
 Short-Term Debt $ 12 $ 5
 Long-Term Debt $ 166 $ 143
 Shareowners' Equity $ 345 $ 494
 Capitalization
 (Long-Term Debt and Shareowners' Equity) $ 511 $ 637
 Long-Term Debt as a percent of Total Capitalization 32 22
 Financial Services:
 Assets $1,636 $1,509
 Total Debt $1,171 $1,042
 Shareowner's Equity $ 252 $ 235
 -0- 5/20/93
 /CONTACT: Deborah Spak of Navistar International, 312-836-3232/
 (NAV)


CO: Navistar International Corp. ST: Illinois IN: AUT SU: ERN

SH -- NY025 -- 0619 05/20/93 09:10 EDT
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Publication:PR Newswire
Date:May 20, 1993
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