Back to top

Analyst Blog

Navistar International Corporation (NAV - Analyst Report) hardly wasted any time in appointing a new chief financial officer to replace former CFO Andrew Cederoth. After announcing on Jun 24 that Cederoth will vacate office at the end of this month, Navistar announced yesterday that Walter Borst will join the company as executive vice president and CFO.

Borst served as the chairman, chief executive officer and president of General Motors Company’s (GM - Analyst Report) Asset Management. He was responsible for managing around $85 billion assets related to the GM benefit plans. Borst will join Navistar from Aug 1, 2013 and will be reporting to Navistar’s president and CEO Troy Clarke.

Navistar expects that this transition will lead to future profitability and long-term success. The company has changed many executives this year and this latest transformation comes close on the heels of the company announcing its second quarter fiscal 2013 results.

Navistar’s second-quarter (ended Apr 30, 2013) loss widened to $353 million or $4.39 per share compared with $137 million or $1.99 per share (excluding special items) in the year-ago quarter. Reported loss was also significantly wider than the Zacks Consensus Estimate of a loss of $1.09 per share.

Revenues declined 22.5% year over year to $2.5 billion in the quarter, missing the Zacks Consensus Estimate of $2.9 billion.

Navistar has been reorganizing its board constantly. In Mar 2013, it had promoted Troy Clarke to the new role from being the president and chief operating officer. The company thereafter appointed Jack Allen as the executive vice president and chief operating officer.

Warrenville, Ill-based Navistar manufactures and sells commercial trucks, mid-range diesel engines, buses, military vehicles and chassis for motor homes and step-vans. It also provides service parts for various trucks and trailers. Currently, the company carries a Zacks Rank #4 (Sell) on its stock.

Some stocks that are performing well in the same industry include Visteon Corp. (VC - Snapshot Report) and Magna International Inc. (MGA - Analyst Report). Both carry a Zacks Rank #1 (Strong Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
RPC INC RES 24.91 +8.35%
LITHIA MOTO… LAD 94.59 +4.60%
DELTA AIR L… DAL 39.15 +3.90%
FLAMEL TECH… FLML 14.51 +3.50%
SOUTHWEST A… LUV 28.87 +2.92%