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17 Dec 15. Navistar posts loss, says goal is profitability in 2016
Truckmaker Navistar International Corp posted its 13th consecutive quarterly loss on Thursday amid declining revenue but said that it plans to further cut costs in 2016 and return to profitability.
The company said sales declined for heavy trucks, rose for school buses and medium-sized trucks in its core U.S. and Canadian markets, but exports slowed, in its fiscal fourth quarter ended Oct. 31.
The Lisle, Illinois-based company reported its quarterly loss narrowed to $50m, or 61 cents per share, from $72m, or 88 cents, a year earlier.
Revenue fell 17 percent to $2.49bn from $3bn. Analysts expected $2.53bn.
Despite the loss, cash on hand increased to $912m from $497m a year earlier.
The company forecast fiscal 2016 revenue in a range from $9bn to $10bn. Analysts predicted $9.96bn.
“We have identified and begun implementing actions to further lower our material spend and structural costs, while driving greater efficiencies in our manufacturing operations,” Chief Executive Officer Troy Clarke said in a statement. “As a result, we expect to build on our 2015 progress, and our goal is to achieve profitability and be free cash flow positive in 2016.”
Year to date, Navistar’s shares have fallen nearly 76 percent.
The U.S. Securities and Exchange Commission has sent Navistar subpoenas since 2012 as part of a probe into whether the company misstated its efforts to win regulatory certification that its engines comply with clean air laws.
Navistar has been struggling with high warranty costs for an emission reduction system that failed to meet regulatory standards in 2012. (Source: Reuters)
16 Dec 15. BMT Announces MD Appointments for New Partnerships. As part of its commitment to deliver enhanced services to its clients and improved efficiencies across the business, BMT Group (BMT), the leading international design, engineering and risk management consultancy, has announced an internal reorganisation which will see the existing BMT operating companies grouped into five market focused partnerships. These partnerships will be headed by new leaders who will come into post over the next three months.
Peter French, Chief Executive of BMT Group comments: “I am delighted by the new appointments and want to take this opportunity to welcome them all to BMT. We recognise that we have to continue to evolve as a business to ensure that we further strengthen our market presence. The introduction of the partnerships will help us to better understand market needs, present a more complete offer for those needs and allow us to collaborate more effectively to answer them. It’s important to reassure customers that it is still very much business as usual – the changes that we are undertaking will simply enhance our ability to deliver to the high quality and efficiency that they have come to expect of BMT. Our customers will continue to be served by our existing operating companies, led by the current managing directors and presidents whom they know well.”
Jeremy Berwick will take the lead for the Defence Partnership and be based in BMT’s Bath office. Previously a Consulting Partner and Sector Leader for Deloitte’s UK aerospace and defence business, Jeremy’s career spans 30 years working with the MoD, Home Office, Rolls Royce, Cobham, BAE Systems and QinetiQ.
Dr Paul Wilkinson has over 18 years’ experience in water and environmental consultancy across Australia, South East Asia and the United Kingdom, having served in a range of leadership roles with Halcrow, URS and most recently, CH2M. He will take the lead for the Environment Partnership which will be based in Brisbane.
Jan van Smirren, who will lead the Energ