LISLE, Ill., March 23, 2020 /PRNewswire/
-- Navistar International Corporation (NYSE: NAV) today
provided a business update in light of the outbreak of the
coronavirus disease (COVID-19). On March 23,
2020, the company is suspending production at its truck
assembly plant in Springfield,
Ohio, for two weeks in response to disruptions to Navistar's
supply chain that are resulting from the evolving COVID-19
pandemic. The company is also withdrawing its previously announced
financial and industry guidance for the fiscal year ending
October 31, 2020.
On March 4, 2020, the company
reiterated its 2020 financial and industry guidance when it
announced its first quarter 2020 results for the fiscal period
ended January 31, 2020 and stated its
guidance may require revision, pending any change to operations due
to COVID-19.
Navistar cannot predict if or when any further disruptions will
occur due to the rapidly changing environment as the COVID-19
pandemic continues to evolve. The company believes its future
financial results will be impacted, but at this time, the magnitude
of those impacts is uncertain. As a result, the company is
withdrawing its 2020 financial and industry guidance.
As of January 31, 2020, the
company stated it had $1.0 billion of
consolidated cash and cash equivalents. Additionally, the company
reported its Financial Services operations had funding capacity
available under its $748 million
revolving bank credit facility, as well as access to other sources
of funding in the U.S. and Mexico.
About Navistar
Navistar International
Corporation (NYSE: NAV) is a holding company whose
subsidiaries and affiliates produce
International® brand commercial trucks, proprietary
diesel engines, and IC Bus® brand school and
commercial buses. An affiliate also provides truck and diesel
engine service parts. Another affiliate offers financing services.
Additional information is available at www.Navistar.com.
Forward-Looking Statement
Information provided and
statements contained in this report that are not purely historical
are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended ("Securities
Act"), Section 21E of the Securities Exchange Act of 1934, as
amended ("Exchange Act"), and the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
only speak as of the date of this report and Navistar International
Corporation assumes no obligation to update the information
included in this report. Such forward-looking statements
include information concerning our possible or assumed future
results of operations, including descriptions of our business
strategy. These statements often include words such as believe,
expect, anticipate, intend, plan, estimate, or similar expressions.
These statements are not guarantees of performance or results and
they involve risks, uncertainties, and assumptions. For a further
description of these factors, see the risk factors set forth in our
filings with the Securities and Exchange Commission, including our
annual report on Form 10-K for the fiscal year ended October 31, 2019 and our quarterly report on Form
10-Q for the period ended January 31,
2020. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many
factors that could affect our actual financial results or results
of operations and could cause actual results to differ materially
from those in the forward-looking statements. All future written
and oral forward-looking statements by us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to above. Except for our ongoing
obligations to disclose material information as required by the
federal securities laws, we do not have any obligations or
intention to release publicly any revisions to any forward-looking
statements to reflect events or circumstances in the future or to
reflect the occurrence of unanticipated events.
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SOURCE Navistar International Corporation