Navistar Reports Second Quarter 2019 Results
LISLE, Ill., June 4, 2019 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today announced second quarter 2019 net loss of $48 million, or $0.48 per diluted share, compared to second quarter 2018 net income of $55 million, or $0.55 per diluted share. The loss reflected a one-time charge of $159 million to address a legal class action settlement and related litigation from legacy engines.
Adjusted net income for the second quarter grew 57 percent to $105 million versus $67 million in the same period one year ago.
Revenues in the quarter were $3 billion, up 24 percent compared to $2.4 billion in the second quarter last year. The increase primarily reflects higher volumes in the company's Core (Class 6-8 trucks and buses in the United States and Canada) market, where chargeouts were up 35 percent.
Second quarter adjusted EBITDA was up 23 percent to $224 million, compared to adjusted EBITDA of $182 million in the comparable period last year.
"In the second quarter, Navistar accelerated market share growth, demonstrating the success of our new product lineup," said Troy A. Clarke, Navistar chairman, president and chief executive officer. "We grew revenue and adjusted EBITDA, stepped up our Uptime value proposition, and lowered our risk profile, enabling the company to focus intensely on the road ahead."
Navistar ended second quarter 2019 with $1.0 billion in consolidated cash, cash equivalents and marketable securities. Manufacturing cash, cash equivalents and marketable securities were $950 million at the end of the quarter.
During the quarter, Navistar announced multiple new initiatives that will improve customer uptime. First, the company created a new Aftersales function that will manage every facet of the business after the sale of the truck, including oversight of parts and service, warranty, and dealer development, in order to drive improved customer total cost of ownership. In addition, a new partnership with Love's Travel Stops created the commercial transportation industry's largest service network with more than 1,000 locations in North America, increasing customers' repair velocity and their options for same-day repairs. To expedite parts deliveries, Navistar is establishing a new Parts Distribution Center (PDC) in Memphis, Tennessee, while also enhancing its dealer parts inventory management system to increase the breadth of parts already on its dealers' shelves.
Navistar also took additional actions to further improve its balance sheet and reduce its risk profile. First, the company repaid its $411 million in subordinated convertible notes issued in 2014 with cash on hand. Additionally, just last week, Navistar Financial Corporation closed a new five-year, nearly $750 million credit facility with a syndicate of 15 banks and repaid its $400 million Term Loan B issued in July 2018. The new facility provides additional liquidity at a lower cost of borrowing.
Based on strong industry conditions, the company raised its 2019 full-year industry and financial guidance:
-- Industry retail deliveries of Class 6-8 trucks and buses in the United
States and Canada are forecast to be 425,000 to 445,000 units, with
Class 8 retail deliveries of 290,000 to 310,000 units.
-- Navistar revenues are expected to be between $11.25 billion and $11.75
billion.
-- The company's adjusted EBITDA is expected to be between $875 million and
$925 million.
Navistar's 2019 industry and financial guidance does not include the impact of possible tariffs from goods crossing the Mexican border. When additional information becomes available, the company's industry and financial guidance will be reassessed and, if necessary, adjusted accordingly.
"In the second half, we believe our growth in market share will translate to improved revenues and gross margins that will generate higher adjusted EBITDA margins than in the first half," Clarke said. "Our marketplace progress, which has delivered our strongest backlog this decade, provides confidence that both 2019 and 2020 will be good years for Navistar."
SEGMENT REVIEW
Summary of Financial Results:
(Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
(in millions, except
per share data) 2019 2018 2019 2018
---
Sales and revenues,
net $
2,996 $
2,422 $
5,429 $
4,327
Segment Results:
Truck $
(74) $
42 $
16 $
35
Parts 144 132 288 269
Global Operations 3 1 9 (6)
Financial Services 32 19 63 39
Net income (loss)(A) (48) 55 (37) (18)
Diluted income (loss)
per share(A) (0.48) 0.55 (0.37) (0.18)
________________
(A) Amounts attributable to Navistar
International Corporation.
Truck Segment - Truck segment net sales increased 35 percent to $2.3 billion in second quarter 2019 compared to second quarter 2018, due to higher volumes in the company's Core markets, an increase in sales of GM-branded units manufactured for GM, and an increase in Mexico sales. This was partially offset by the impact of the sale of a majority interest in Navistar Defense and a decrease in export sales. Truck chargeouts in the company's Core market were up 35 percent year-over-year.
The Truck segment recorded a net loss of $74 million in second quarter 2019, versus a second quarter 2018 profit of $42 million. The change is primarily attributable to charges related to a MaxxForce Engine EGR class action settlement, higher volumes and improved pricing. This was partially offset by the impact of the sale of a majority interest in Navistar Defense and an increase in material costs related to commodities.
Parts Segment - Parts segment second quarter 2019 net sales were $579 million, down four percent, compared to second quarter 2018, driven by a new revenue standard, lower Blue Diamond Parts (BDP) sales, partially offset by higher sales in North American markets.
The Parts segment recorded a quarterly profit of $144 million in second quarter 2019, up nine percent versus the same period one year ago, primarily due to higher U.S. margins and lower intercompany access fees, partially offset by lower BDP volumes.
Global Operations Segment - Global Operations segment second quarter 2019 net sales decreased 10 percent to $87 million compared to second quarter 2018. This was primarily driven by economic conditions in the company's South America engine operations and the depreciation of the Brazilian real against the U.S. dollar as the average conversion rate weakened by 13 percent compared with the prior year period.
The Global Operations segment recorded a $3 million profit in second quarter 2019, relatively flat compared to $1 million in the same period one year ago.
Financial Services Segment - Financial Services segment second quarter 2019 net revenues increased 24 percent to $78 million versus the same period one year ago, primarily driven by higher overall finance receivable balances in the U.S. and higher operating lease balances in the U.S. and Mexico.
Financial Services segment recorded a profit of $32 million in second quarter 2019, an increase of $13 million versus second quarter 2018, primarily due to higher revenues and other income from an intercompany loan.
About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International(®) brand commercial and military 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 the company 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, 2018, which was filed on December 18, 2018. 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.
Navistar International Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended Six Months Ended
April 30, April 30,
(in millions, except per share
data) 2019 2018 2019 2018
---
Sales and revenues
Sales of manufactured
products, net $
2,948 $
2,382 $
5,334 $
4,249
Finance revenues 48 40 95 78
Sales and revenues, net 2,996 2,422 5,429 4,327
Costs and expenses
Costs of products sold 2,493 1,987 4,472 3,519
Restructuring charges 1 1 1 (2)
Asset impairment charges 1 1 3 3
Selling, general and
administrative expenses 373 200 559 391
Engineering and product
development costs 75 75 161 150
Interest expense 82 79 167 158
Other expense, net 18 11 115 91
Total costs and expenses 3,043 2,354 5,478 4,310
Equity in income of non-
consolidated affiliates 3 3
Income (loss) before income
tax (44) 68 (46) 17
Income tax benefit (expense) 1 (7) 20 (22)
Net income (loss) (43) 61 (26) (5)
Less: Net income attributable
to non-controlling interests 5 6 11 13
Net income (loss) attributable
to Navistar International
Corporation $
(48) $
55 $
(37) $
(18)
Income (loss) per share attributable to
Navistar International Corporation:
Basic: $
(0.48) $
0.56 $
(0.37) $
(0.18)
Diluted: $
(0.48) $
0.55 $
(0.37) $
(0.18)
Weighted average shares outstanding:
Basic 99.2 98.8 99.2 98.7
Diluted 99.2 99.5 99.2 98.7
Navistar International Corporation and Subsidiaries
Consolidated Balance Sheets
April 30, October 31,
(in millions, except per share data) 2019 2018
---
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $
977 $
1,320
Restricted cash and cash equivalents 165 62
Marketable securities 23 101
Trade and other receivables, net 453 456
Finance receivables, net 2,037 1,898
Inventories, net 1,164 1,110
Other current assets 282 189
Total current assets 5,101 5,136
Restricted cash 66 63
Trade and other receivables, net 30 49
Finance receivables, net 279 260
Investments in non-consolidated affiliates 32 50
Property and equipment (net of accumulated
depreciation and amortization of $2,457 and
$2,498, respectively) 1,270 1,370
Goodwill 38 38
Intangible assets (net of accumulated
amortization of $141 and $140, respectively) 27 30
Deferred taxes, net 121 121
Other noncurrent assets 102 113
Total assets $
7,066 $
7,230
LIABILITIES and STOCKHOLDERS' DEFICIT
Liabilities
Current liabilities
Notes payable and current maturities of long-
term debt $
769 $
946
Accounts payable 1,630 1,606
Other current liabilities 1,309 1,255
Total current liabilities 3,708 3,807
Long-term debt 4,588 4,521
Postretirement benefits liabilities 1,950 2,097
Other noncurrent liabilities 672 731
Total liabilities 10,918 11,156
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 2,728 2,731
Accumulated deficit (4,657) (4,593)
Accumulated other comprehensive loss (1,786) (1,920)
Common stock held in treasury, at cost (3.9 and
4.2 shares, respectively) (152) (161)
Total stockholders' deficit attributable to
Navistar International Corporation (3,855) (3,931)
Stockholders' equity attributable to non-
controlling interests 3 5
Total stockholders' deficit (3,852) (3,926)
Total liabilities and stockholders' deficit $
7,066 $
7,230
Navistar International Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended April 30,
(in millions) 2019 2018
---
Cash flows from operating activities
Net loss $
(26) $
(5)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 66 73
Depreciation of equipment leased to
others 31 36
Deferred taxes, including change in
valuation allowance (41) 1
Asset impairment charges 3 3
Gain on sales of investments and
businesses, net (59)
Amortization of debt issuance costs and
discount 12 15
Stock-based compensation 14 21
Provision for doubtful accounts 6 3
Equity in income of non-consolidated
affiliates, net of dividends (2) 3
Write-off of debt issuance costs and
discount - 43
Other non-cash operating activities (4) (13)
Changes in other assets and liabilities,
exclusive of the effects of businesses
disposed (190) (278)
Net cash used in operating activities (190) (98)
Cash flows from investing activities
Purchases of marketable securities - (148)
Sales of marketable securities - 460
Maturities of marketable securities 79 18
Capital expenditures (66) (53)
Purchases of equipment leased to others (76) (92)
Proceeds from sales of property and
equipment 5 5
Proceeds from sales of investments and
businesses 95 (3)
Other investing activities - 1
Net cash provided by investing
activities 37 188
Cash flows from financing activities
Proceeds from issuance of securitized
debt - 27
Principal payments on securitized debt (34) (34)
Net change in secured revolving credit
facilities 275 5
Proceeds from issuance of non-
securitized debt 73 2,805
Principal payments on non-securitized
debt (508) (2,589)
Net change in notes and debt outstanding
under revolving credit facilities 126 74
Debt issuance costs (2) (33)
Proceeds from financed lease obligations 9 38
Proceeds from exercise of stock options 2 5
Dividends paid by subsidiaries to non-
controlling interest (13) (14)
Other financing activities (2) (15)
Net cash provided by financing
activities (74) 269
Effect of exchange rate changes on cash,
cash equivalents and restricted cash (10) (7)
Increase (decrease) in cash, cash
equivalents and restricted cash (237) 352
Cash, cash equivalents and restricted
cash at beginning of the period 1,445 840
Cash, cash equivalents and restricted
cash at end of the period $
1,208 $
1,192
Navistar International Corporation and Subsidiaries
Segment Reporting
(Unaudited)
We define segment profit (loss) as net income (loss) attributable to Navistar International Corporation, excluding income tax benefit (expense). The following tables present selected financial information for our reporting segments:
(in millions) Truck Parts Global Financial Corporate Total
Operations Services(A) and
Eliminations
Three Months Ended April 30, 2019
External sales and revenues,
net $
2,287 $
578 $
80 $
48 $
3 $
2,996
Intersegment sales and
revenues 9 1 7 30 (47)
Total sales and revenues, net $
2,296 $
579 $
87 $
78 $
(44) $
2,996
Net income (loss) attributable
to NIC $
(74) $
144 $
3 $
32 $
(153) $
(48)
Income tax benefit - 1 1
Segment profit (loss) $
(74) $
144 $
3 $
32 $
(154) $
(49)
Depreciation and amortization $
26 $
2 $
2 $
16 $
3 $
49
Interest expense - 27 55 82
Equity in income (loss) of
non-consolidated affiliates 2 1 3
Capital expenditures(B) 21 (1) 1 1 22
(in millions) Truck Parts Global Financial Corporate Total
Operations Services(A) and
Eliminations
Three Months Ended April 30, 2018
External sales and revenues,
net $
1,688 $
601 $
89 $
40 $
4 $
2,422
Intersegment sales and
revenues 16 8 23 (47)
Total sales and revenues, net $
1,704 $
601 $
97 $
63 $
(43) $
2,422
Net income (loss) attributable
to NIC $
42 $
132 $
1 $
19 $
(139) $
55
Income tax expense - (7) (7)
Segment profit (loss) $
42 $
132 $
1 $
19 $
(132) $
62
Depreciation and amortization $
34 $
1 $
2 $
14 $
3 $
54
Interest expense - 21 58 79
Equity in income (loss) of
non-consolidated affiliates 1 (1)
Capital expenditures(B) 30 1 (8) 23
(in millions) Truck Parts Global Financial Corporate Total
Operations Services(A) and
Eliminations
Six Months Ended April 30, 2019
External sales and revenues,
net $
4,063 $
1,124 $
141 $
95 $
6 $
5,429
Intersegment sales and
revenues 30 3 19 57 (109)
Total sales and revenues, net $
4,093 $
1,127 $
160 $
152 $
(103) $
5,429
Net income (loss) attributable
to NIC $
16 $
288 $
9 $
63 $
(413) $
(37)
Income tax benefit - 20 20
Segment profit (loss) $
16 $
288 $
9 $
63 $
(433) $
(57)
Depreciation and amortization $
52 $
3 $
4 $
32 $
6 $
97
Interest expense - 56 111 167
Equity in income (loss) of
non-consolidated affiliates 3 1 (1) 3
Capital expenditures(B) 52 1 1 2 10 66
(in millions) Truck Parts Global Financial Corporate Total
Operations Services(A) and
Eliminations
Six Months Ended April 30, 2018
External sales and revenues,
net $
2,916 $
1,165 $
161 $
78 $
7 $
4,327
Intersegment sales and
revenues 39 4 17 44 (104)
Total sales and revenues, net $
2,955 $
1,169 $
178 $
122 $
(97) $
4,327
Net income (loss) attributable
to NIC $
35 $
269 $
(6) $
39 $
(355) $
(18)
Income tax expense - (22) (22)
Segment profit (loss) $
35 $
269 $
(6) $
39 $
(333) $
4
Depreciation and amortization $
69 $
3 $
5 $
27 $
5 $
109
Interest expense - 42 116 158
Equity in income of non-
consolidated affiliates 1 1 (2)
Capital expenditures(B) 55 1 1 (4) 53
_________________________
(A) Total sales and revenues in the Financial Services
segment include interest revenues of $55 million and
$108 million for the three and six months ended April
30, 2019, respectively, and $44 million and $85 million
for the three and six months ended April 30, 2018,
respectively.
(B) Exclusive of purchases of equipment leased to others.
(in millions) Truck Parts Global Operations Financial Corporate Total
Services and
Eliminations
Segment assets,
as of:
April 30, 2019 $
2,120 $
650 $
306 $
2,930 $
1,060 $
7,066
October 31, 2018 2,085 636 331 2,648 1,530 7,230
SEC Regulation G Non-GAAP Reconciliation:
The financial measures presented below are unaudited and not in accordance with, or an alternative for, financial measures presented in accordance with U.S. generally accepted accounting principles ("GAAP"). The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP and are reconciled to the most appropriate GAAP number below.
Earnings (loss) Before Interest, Income Taxes, Depreciation, and Amortization ("EBITDA"):
We define EBITDA as our consolidated net income (loss) attributable to Navistar International Corporation, plus manufacturing interest expense, income taxes, and depreciation and amortization. We believe EBITDA provides meaningful information to the performance of our business and therefore we use it to supplement our GAAP reporting. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results.
Adjusted EBITDA and Adjusted Net Income (loss) attributable to NIC:
We believe that adjusted EBITDA and adjusted Net Income (loss) attributable to NIC, which excludes certain identified items that we do not consider to be part of our ongoing business, improves the comparability of year to year results, and is representative of our underlying performance. Management uses this information to assess and measure the performance of our operating segments. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the below reconciliations, and to provide an additional measure of performance.
Manufacturing Cash, Cash Equivalents, and Marketable Securities:
Manufacturing cash, cash equivalents, and marketable securities represent the Company's consolidated cash, cash equivalents, and marketable securities excluding cash, cash equivalents, and marketable securities of our financial services operations. We include marketable securities with our cash and cash equivalents when assessing our liquidity position as our investments are highly liquid in nature. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of our ability to meet our operating requirements, capital expenditures, equity investments, and financial obligations.
Structural costs consist of Selling, general and administrative expenses and Engineering and product development costs.
EBITDA reconciliation:
Three Months Ended Six Months Ended
April 30, April 30,
(in millions) 2019 2018 2019 2018
---
Net income (loss)
attributable to NIC $
(48) $
55 $
(37) $
(18)
Plus:
Depreciation and
amortization expense 49 54 97 109
Manufacturing interest
expense(A) 55 58 111 116
Adjusted for:
Income tax benefit (expense) 1 (7) 20 (22)
EBITDA $
55 $
174 $
151 $
229
______________________
(A) Manufacturing interest expense is the net interest
expense primarily generated for borrowings that
support the manufacturing and corporate
operations, adjusted to eliminate intercompany
interest expense with our Financial Services
segment. The following table reconciles
Manufacturing interest expense to the
consolidated interest expense:
Three Months Ended Six Months Ended
April 30, April 30,
(in millions) 2019 2018 2019 2018
---
Interest expense $
82 $
79 $
167 $
158
Less: Financial services
interest expense 27 21 56 42
Manufacturing interest
expense $
55 $
58 $
111 $
116
Adjusted EBITDA Reconciliation:
Three Months Ended Six Months Ended
April 30, April 30,
(in millions) 2019 2018 2019 2018
---
EBITDA (reconciled above) $
55 $
174 $
151 $
229
Adjusted for significant items of:
Adjustments to pre-
existing warranties(A) 9 6 2
Asset impairment
charges(B) 1 1 3 3
Restructuring of
manufacturing
operations(C) 1 1 1 (2)
MaxxForce Advanced EGR
engine lawsuits(D) 159 159 1
Gain on sales(E) - (59)
Debt refinancing
charges(F) - 46
Pension settlement(G) - 142 9
Settlement gain(H) (1) (2)
Total adjustments 169 8 246 57
Adjusted EBITDA $
224 $
182 $
397 $
286
Adjusted Net Income (loss) attributable to NIC:
Three Months Ended Six Months Ended
April 30, April 30,
(in millions) 2019 2018 2019 2018
---
Net income (loss)
attributable to NIC $
(48) $
55 $
(37) $
(18)
Adjusted for significant items of:
Adjustments to pre-
existing warranties(A) 9 6 2
Asset impairment
charges(B) 1 1 3 3
Restructuring of
manufacturing
operations(C) 1 1 1 (2)
MaxxForce Advanced EGR
engine lawsuits(D) 159 159 1
Gain on sales(E) - (59)
Debt refinancing
charges(F) - 46
Pension settlement(G) - 142 9
Settlement gain(H) (1) (2)
Total adjustments 169 8 246 57
Tax effect (I) (16) 4 (47) 4
Adjusted Net income
(loss) attributable to
NIC $
105 $
67 $
162 $
43
_____________________
(A) Adjustments to pre-existing warranties reflect
changes in our estimate of warranty costs for
products sold in prior periods. Such adjustments
typically occur when claims experience deviates
from historic and expected trends. Our warranty
liability is generally affected by component
failure rates, repair costs, and the timing of
failures. Future events and circumstances
related to these factors could materially change
our estimates and require adjustments to our
liability. In addition, new product launches
require a greater use of judgment in developing
estimates until historical experience becomes
available.
(B) In the second quarter and first half of 2019, we
recorded $1 million and $3 million,
respectively, of asset impairment charges
relating to certain assets under operating
leases in our Truck segment. In the second
quarter and first half of 2018, we recorded $1
million and $3 million, respectively, of asset
impairment charges related to the sale of our
railcar business in Cherokee, Alabama and
certain assets under operating leases in our
Truck segment.
(C) In the second quarter and first half of 2019, we
recorded a restructuring charge of $1 million in
our Truck segment. In the second quarter and
first half of 2018, we recorded a charge of $1
million and a benefit of $2 million,
respectively, related to adjustments for
restructuring in our Truck, Global Operations
and Corporate segments.
(D) In the second quarter and first half of 2019, we
recognized a charge of $159 million related to
MaxxForce Advanced EGR engine class action
settlement and related litigation in our Truck
segment. In the first half of 2018, we
recognized a charge of $1 million for a jury
verdict related to the MaxxForce Advanced EGR
engine lawsuits in our Truck segment.
(E) In the first half of 2019, we recognized a gain
of $54 million related to the sale of a majority
interest in the Navistar Defense business in our
Truck segment, and a gain of $5 million related
to the sale of our joint venture in China with
JAC in our Global Operations segment.
(F) In the first half of 2018, we recorded a charge
of $46 million for the write off of debt
issuance costs and discounts associated with the
repurchase of our previously existing 8.25%
Senior Notes and the refinancing of our
previously existing Term Loan in Corporate.
(G) In the first half of 2019 and 2018, we purchased
group annuity contracts for certain retired
pension plan participants resulting in plan
remeasurements. As a result, we recorded pension
settlement accounting charges of $142 million
and $9 million, respectively, in Other expense,
net in Corporate.
(H) In the second quarter and first half of 2019, we
recorded interest income of $1 million and $2
million, respectively, in Other expense, net
derived from the prior year settlement of a
business economic loss claim relating to our
former Alabama engine manufacturing facility in
Corporate.
(I) Tax effect is calculated by excluding the impact
of the non-GAAP adjustments from the interim
period tax provision calculations.
Manufacturing segment cash, cash equivalents, and marketable securities reconciliation:
As of April 30, 2019
(in millions) Manufacturing Financial Consolidated
Operations Services Balance Sheet
Operations
---
Assets
Cash and cash equivalents $
927 $
50 $
977
Marketable securities 23 23
Total cash, cash equivalents, and marketable securities $
950 $
50 $
1,000
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SOURCE Navistar International Corporation
