Posted on Wednesday, September 7th, 2011 at 9:03 pm.
Navistar International Corp. has posted a $1.4 billion 3Q profit, and is now planning on buying back around $175 million of its shares.
According to Navistar’s Chairman and Chief Executive, the large profit the company realized in the third quarter can be mostly attributed to a $1.48 billion tax gain, which has led the company to its best equity position in ten years. The truck and engine manufacturer hopes that buying back 5 percent of its outstanding shares will help raise its falling stock price.
Sales for Navistar were $3.5 billion in the third quarter, which is up 9 percent from $3.2 billion in sales a year ago. Net income for the quarter was also up, at $18.24 a share compared to $1.56 a share in the same quarter last year.
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