Company Quick10K Filing
Navistar
Price27.97 EPS2
Shares100 P/E12
MCap2,783 P/FCF6
Net Debt3,672 EBIT568
TEV6,455 TEV/EBIT11
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-06-04
10-Q 2020-01-31 Filed 2020-03-04
10-K 2019-10-31 Filed 2019-12-17
10-Q 2019-07-31 Filed 2019-09-04
10-Q 2019-04-30 Filed 2019-06-04
10-Q 2019-01-31 Filed 2019-03-08
10-K 2018-10-31 Filed 2018-12-18
10-Q 2018-07-31 Filed 2018-09-06
10-Q 2018-04-30 Filed 2018-06-05
10-Q 2018-01-31 Filed 2018-03-08
10-K 2017-10-31 Filed 2017-12-19
10-Q 2017-07-31 Filed 2017-09-06
10-Q 2017-04-30 Filed 2017-06-07
10-Q 2017-01-31 Filed 2017-03-07
10-K 2016-10-31 Filed 2016-12-20
10-Q 2016-07-31 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-06-07
10-Q 2016-01-31 Filed 2016-03-08
10-K 2015-10-31 Filed 2015-12-17
10-Q 2015-07-31 Filed 2015-09-02
10-Q 2015-04-30 Filed 2015-06-04
10-Q 2015-01-31 Filed 2015-03-03
10-K 2014-10-31 Filed 2014-12-16
10-Q 2014-07-31 Filed 2014-09-03
10-Q 2014-04-30 Filed 2014-06-05
10-Q 2014-01-31 Filed 2014-03-05
10-K 2013-10-31 Filed 2013-12-20
10-Q 2013-07-31 Filed 2013-09-04
10-Q 2013-04-30 Filed 2013-06-10
10-Q 2013-01-31 Filed 2013-03-07
10-K 2012-10-31 Filed 2012-12-19
10-Q 2012-07-31 Filed 2012-09-06
10-Q 2012-04-30 Filed 2012-06-07
10-Q 2012-01-31 Filed 2012-03-08
10-K 2011-10-31 Filed 2011-12-20
10-Q 2011-07-31 Filed 2011-09-07
10-Q 2011-04-30 Filed 2011-06-07
10-Q 2011-01-31 Filed 2011-03-09
10-K 2010-10-31 Filed 2010-12-22
10-Q 2010-07-31 Filed 2010-09-08
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-09
8-K 2020-07-30 Enter Agreement, Exhibits
8-K 2020-07-15 Officers
8-K 2020-06-26 Officers, Amend Bylaw, Exhibits
8-K 2020-06-04
8-K 2020-05-26
8-K 2020-05-08
8-K 2020-04-21
8-K 2020-04-21
8-K 2020-04-09
8-K 2020-03-23
8-K 2020-03-04
8-K 2020-02-25
8-K 2020-02-21
8-K 2020-01-30
8-K 2019-12-17
8-K 2019-12-11
8-K 2019-12-04
8-K 2019-11-13
8-K 2019-09-19
8-K 2019-09-04
8-K 2019-08-21
8-K 2019-06-19
8-K 2019-06-04
8-K 2019-05-29
8-K 2019-05-24
8-K 2019-05-23
8-K 2019-04-26
8-K 2019-04-15
8-K 2019-03-08
8-K 2019-03-08
8-K 2019-02-25
8-K 2019-02-14
8-K 2019-01-14
8-K 2018-12-31
8-K 2018-12-18
8-K 2018-12-18
8-K 2018-12-06
8-K 2018-11-30
8-K 2018-10-10
8-K 2018-09-26
8-K 2018-09-06
8-K 2018-09-06
8-K 2018-08-27
8-K 2018-08-14
8-K 2018-07-31
8-K 2018-07-12
8-K 2018-06-14
8-K 2018-06-05
8-K 2018-05-25
8-K 2018-05-11
8-K 2018-04-18
8-K 2018-03-08
8-K 2018-03-01
8-K 2018-02-13

NAV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10 navex104302020.htm
EX-31.1 navex3114302020.htm
EX-31.2 navex3124302020.htm
EX-32.1 navex3214302020.htm
EX-32.2 navex3224302020.htm
EX-99.1 navex9914302020.htm

Navistar Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
10.07.14.21.2-1.7-4.62012201420172020
Assets, Equity
3.42.72.01.30.6-0.12012201420172020
Rev, G Profit, Net Income
1.00.70.40.2-0.1-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________________
Form 10-Q
___________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____.        
   Commission file number 1-9618
___________________________________________________

  navistar_logoa04a01a01a02a18.jpg
NAVISTAR INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
_______________________________________________
Delaware
 
 
36-3359573
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
2701 Navistar Drive

 

Lisle
Illinois
 
 
60532
(Address of principal executive offices)
 
 
(Zip Code)
(331332-5000
______________________________________________________
Registrant’s telephone number, including area code
 Not applicable
______________________________________________________
(Former name, former address, and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.10
NAV
New York Stock Exchange
Cumulative convertible junior preference stock, Series D (par value $1.00)
NAV-D
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ    No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
þ
Accelerated filer
 
o
Emerging growth company
 
o
Non-accelerated filer
 
o
Smaller reporting company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes       No  þ
As of May 31, 2020, the number of shares outstanding of the registrant’s common stock was 99,504,431, net of treasury shares.
 
 
 
 
 



NAVISTAR INTERNATIONAL CORPORATION FORM 10-Q
TABLE OF CONTENTS
 
 
 
Page
PART I—Financial Information
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
Item 3.
 
Item 4.
 
 
 
 
 
PART II—Other Information
Item 1.
 
Item 1A.
 
Item 2.
 
Item 3.
 
Item 4.
 
Item 5.
 
Item 6.
 
 
 

2






Disclosure Regarding Forward-Looking Statements

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, but are not limited to, statements concerning:
estimates we have made in preparing our financial statements;
the implementation of, and expected benefits from, our strategic alliance with TRATON SE and certain of its subsidiaries and affiliates ("TRATON Group");
our development and launch of new products and technologies;
anticipated sales, volume, demand, markets for our products, and financial performance;
anticipated performance and benefits of our products and technologies;
our business strategies relating to, and our ability to meet, federal and state regulatory heavy-duty diesel emissions standards applicable to certain of our engines, including the timing and costs of compliance and consequences of noncompliance with such standards, as well as our ability to meet other federal, state and foreign regulatory requirements;
our business strategies and short-term and long-term goals and activities to accomplish such strategies and goals;
our ability to implement our strategy and the results we expect to achieve from the implementation of our strategy;
our expectations related to new product launches;
anticipated results from acquisitions, dispositions, strategic alliances, and joint ventures we complete;
our expectations and estimates relating to restructuring activities, including restructuring charges and timing of cash payments related thereto, and operational flexibility, savings, and efficiencies from such restructurings;
our expectations relating to debt refinancing activities;
our expectations relating to the potential effects of anticipated divestitures and closures of businesses;
our expectations relating to our cost-reduction actions and actions to reduce discretionary spending;
our expectations relating to our ability to service our long-term debt;
our expectations relating to our wholesale and retail finance receivables and revenues;
liabilities resulting from environmental, health and safety laws and regulations;
our anticipated capital expenditures;
our expectations relating to payments of taxes;
our expectations relating to warranty costs;
our expectations relating to interest expense;
our expectations relating to impairment of goodwill, other intangible assets, and property, plant and equipment;
costs relating to litigation and similar matters;
estimates relating to pension plan contributions and unfunded pension and postretirement benefits;
our expectations relating to commodity price risk, including the impact of tariff increases or potential new tariffs;
anticipated trends, expectations, and outlook relating to matters affecting our financial condition or results of operations; and
our expectations relating to the anticipated impact that the novel strain of coronavirus (“COVID-19”) pandemic has on our business, financial condition, results of operations and cash flows.

3





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. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our results of operations and could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause or contribute to differences in our future financial results include those discussed in Item 1A, Risk Factors, included within our Annual Report on Form 10-K for the fiscal year ended October 31, 2019, which was filed on December 17, 2019, and this Quarterly Report on Form 10-Q for the period ended April 30, 2020, as well as those factors discussed elsewhere in this report. 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 herein 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.
Available Information
We are subject to the reporting and information requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as a result, are obligated to file annual, quarterly, and current reports, proxy statements, and other information with the United States ("U.S.") Securities and Exchange Commission ("SEC"). We make these filings available free of charge on our website (http://www.navistar.com) as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. Information on our website does not constitute part of this Quarterly Report on Form 10-Q. In addition, the SEC maintains a website (http://www.sec.gov) that contains our annual, quarterly, and current reports, proxy and information statements, and other information we electronically file with, or furnish to, the SEC.

4





PART I—Financial Information
Item 1.
Financial Statements
Navistar International Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended April 30,
 
Six Months Ended April 30,
(in millions, except per share data)
2020
 
2019
 
2020

2019
Sales and revenues
 
 
 
 
 
 
 
Sales of manufactured products, net
$
1,877

 
$
2,948

 
$
3,671

 
$
5,334

Finance revenues
48

 
48

 
92

 
95

Sales and revenues, net
1,925

 
2,996

 
3,763

 
5,429

Costs and expenses
 
 
 
 
 
 
 
Costs of products sold
1,624

 
2,493

 
3,153

 
4,472

Restructuring charges

 
1

 
1

 
1

Asset impairment charges
13

 
1

 
13

 
3

Selling, general and administrative expenses
170

 
373

 
352

 
559

Engineering and product development costs
78

 
75

 
164

 
161

Interest expense
63

 
82

 
128

 
167

Other expense, net
2

 
18

 
13

 
115

Total costs and expenses
1,950

 
3,043

 
3,824

 
5,478

Equity in income (loss) of non-consolidated affiliates
(1
)
 
3

 
(2
)
 
3

Loss before income tax
(26
)
 
(44
)
 
(63
)
 
(46
)
Income tax benefit (expense)
(7
)
 
1

 
(2
)
 
20

Net loss
(33
)
 
(43
)
 
(65
)

(26
)
Less: Net income attributable to non-controlling interests
5

 
5

 
9

 
11

Net loss attributable to Navistar International Corporation
$
(38
)
 
$
(48
)
 
$
(74
)
 
$
(37
)
 
 
 
 
 
 
 

Loss per share attributable to Navistar International Corporation:
 
 
 
 
 
 
 
Basic
$
(0.38
)
 
$
(0.48
)
 
$
(0.74
)
 
$
(0.37
)
Diluted
(0.38
)
 
(0.48
)
 
(0.74
)
 
(0.37
)
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
99.7

 
99.2

 
99.6

 
99.2

Diluted
99.7

 
99.2

 
99.6

 
99.2


See Notes to Consolidated Financial Statements
5



Navistar International Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(Unaudited) 
(in millions)
Three Months Ended April 30,
 
Six Months Ended April 30,
2020

2019
 
2020
 
2019
Net loss
$
(33
)
 
$
(43
)
 
$
(65
)
 
$
(26
)
Foreign currency translation adjustment
(103
)
 
(18
)
 
(111
)
 
(4
)
Defined benefit plans, net of tax
24

 
23

 
49

 
138

Total other comprehensive income (loss)
(79
)
 
5

 
(62
)
 
134

Comprehensive income (loss)
(112
)
 
(38
)
 
(127
)
 
108

Less: Net income attributable to non-controlling interests
5

 
5

 
9

 
11

Total comprehensive income (loss) attributable to Navistar International Corporation
$
(117
)
 
$
(43
)
 
$
(136
)
 
$
97


See Notes to Consolidated Financial Statements
6



Navistar International Corporation and Subsidiaries
Consolidated Balance Sheets
 
As of April 30, 2020
 
As of October 31, 2019
(in millions, except per share data)
 
 
 
ASSETS
(Unaudited)
 
 
Current assets
 
 
 
Cash and cash equivalents
$
1,547

 
$
1,370

Restricted cash and cash equivalents
60

 
133

Trade and other receivables, net
225

 
338

Finance receivables, net
1,416

 
1,923

Inventories, net
1,012

 
911

Other current assets
265

 
277

Total current assets
4,525

 
4,952

Restricted cash
71

 
54

Trade and other receivables, net
8

 
10

Finance receivables, net
204

 
274

Investments in non-consolidated affiliates
28

 
31

Property and equipment (net of accumulated depreciation and amortization of $2,333 and $2,488, respectively)
1,207

 
1,309

Operating lease right of use assets
121

 

Goodwill
38

 
38

Intangible assets (net of accumulated amortization of $138 and $142, respectively)
19

 
25

Deferred taxes, net
117

 
117

Other noncurrent assets
102

 
107

Total assets
$
6,440

 
$
6,917

LIABILITIES and STOCKHOLDERS’ DEFICIT
 
 
 
Liabilities
 
 
 
Current liabilities
 
 
 
Notes payable and current maturities of long-term debt
$
570

 
$
871

Accounts payable
1,038

 
1,341

Other current liabilities
1,075

 
1,363

Total current liabilities
2,683

 
3,575

Long-term debt
4,859

 
4,317

Postretirement benefits liabilities
2,032

 
2,103

Other noncurrent liabilities
722

 
645

Total liabilities
10,296

 
10,640

Stockholders’ deficit
 
 
 
Series D convertible junior preference stock
2

 
2

Common stock, $0.10 par value per share (103.1 shares issued and 220 shares authorized at both dates)
10

 
10

Additional paid-in capital
2,725

 
2,730

Accumulated deficit
(4,296
)
 
(4,409
)
Accumulated other comprehensive loss
(2,163
)
 
(1,912
)
Common stock held in treasury, at cost (3.6 and 3.9 shares, respectively)
(136
)
 
(147
)
Total stockholders’ deficit attributable to Navistar International Corporation
(3,858
)
 
(3,726
)
Stockholders’ equity attributable to non-controlling interests
2

 
3

Total stockholders’ deficit
(3,856
)
 
(3,723
)
Total liabilities and stockholders’ deficit
$
6,440

 
$
6,917


See Notes to Consolidated Financial Statements
7



Navistar International Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended April 30,
(in millions)
2020
 
2019
Cash flows from operating activities
 
 
 
Net loss
$
(65
)
 
$
(26
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Depreciation and amortization
70

 
66

Depreciation of equipment leased to others
29

 
31

Deferred taxes, including change in valuation allowance
(9
)
 
(41
)
Asset impairment charges
13

 
3

Gain on sales of investments and businesses, net

 
(59
)
Amortization of debt issuance costs and discount
7

 
12

Stock-based compensation
13

 
14

Provision for doubtful accounts
9

 
6

Equity in (income) loss of non-consolidated affiliates, net of dividends
2

 
(2
)
Other non-cash operating activities
(5
)
 
(4
)
Changes in other assets and liabilities, exclusive of the effects of businesses disposed
(182
)
 
(190
)
Net cash used in operating activities
(118
)
 
(190
)
Cash flows from investing activities
 
 
 
Maturities of marketable securities

 
79

Capital expenditures
(90
)
 
(66
)
Purchases of equipment leased to others
(16
)
 
(76
)
Proceeds from sales of property and equipment
7

 
5

Proceeds from sales of investments and businesses
10

 
95

Net cash provided by (used in) investing activities
(89
)
 
37

Cash flows from financing activities
 
 
 
Proceeds from issuance of securitized debt
16

 

Principal payments on securitized debt
(30
)
 
(34
)
Net change in secured revolving credit facilities
(167
)
 
275

Proceeds from issuance of non-securitized debt
620

 
73

Principal payments on non-securitized debt
(107
)
 
(508
)
Net change in notes and debt outstanding under revolving credit facilities
24