* Q3 profit boosted by $1.48 bln tax gains
* Now sees 2011 adj EPS $5-$6, down from prior forecast $5.50-$6
* To buy back $175 mln shares (Adds 2011 revenue forecast; third-quarter items)
Sept 7 (Reuters) - Truck and engine maker Navistar International Corp posted a jump in net quarterly profit on a huge tax gain, and cut its 2011 outlook.
The company said it will buy back up to $175 million of its shares and was evaluating additional return on capital options.
Navistar expects 2011 adjusted earnings to be $5-$6 a share, down from its prior view of $5.50-$6 a share.
It forecast full-year revenue of $13.6-$14.1 billion, slightly below its previous view of $13.6-$14.3 billion.
Third-quarter net income was $1.41 billion, or $18.24 a share, compared with $117 million, or $1.56 a share, a year ago. Adjusted earnings were 79 cents a share.
Sales rose to $3.54 billion.
The results include $1.48 billion in net tax benefit from an income tax valuation allowance release, Navistar said, adding that it also took some charges related to a recent restructuring effort.
In August, Navistar said it was closing an idled plant and restructuring other business that would result in up to $30 million in annual savings and 675 job cuts.
Navistar's shares have fallen almost 40 percent in the last three months. They closed at $38.80 on Tuesday on the New York Stock Exchange. (Reporting by A. Ananthalakshmi in Bangalore; Editing by Sriraj Kalluvila, Maju Samuel) (ananthalakshmi.as@thomsonreuters.com; within US +1 646 223 8780; outside U.S +91 80 4135 5800; Reuters Messaging: ananthalakshmi.as.reuters.com@reuters.net)
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