-=Navistar (NAV) : Volkswagen (VWAGY) subsidiary offers to acquire for $35/sh

Navistar confirmed receipt of unsolicited proposal from Volkswagen (VWAGY) subsidiary TRATON SE regarding a potential transaction to acquire the company for $35 per share in cash

Consistent with its fiduciary duties, Navistar's Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the proposal in the context of Navistar's strategic plan for the company in order to determine the course of action that it believes is in the best interest of the company and its stakeholders. Navistar advises its shareholders to take no action, and no shareholder vote is required at this time.

There can be no assurance that any negotiations between Navistar and TRATON regarding this proposal will take place, and if such negotiations do take place, there can be no assurance that any transaction with TRATON will occur or be consummated. Navistar does not intend to make any additional comments regarding the proposal unless and until it is appropriate to do so or a formal agreement has been reached.

=Navistar (NAV) reported earnings on Wed 4 Sept 19 (b/o)

Navistar beats by $0.35, beats on revs; reaffirms FY19 revs/EBITDA guidance; raises FY19 delivery guidance; FY20 Class 6-8 delivery guidance represents a decline of 21% yr/yr based on midpoint of ranges 

Reports Q3 (Jul) earnings of $1.56 per share, $0.35 better than the S&P Capital IQ Consensus of $1.21; revenues rose 16.0% year/year to $3.02 bln vs the $2.92 bln S&P Capital IQ Consensus.

Coreaffirms guidancefor FY19, sees FY19 revs of $11.25-11.75 bln vs. $11.52 bln S&P Capital IQ Consensus. The company's adjusted EBITDA is expected to be between $875 million and $925 million (reaffirmed from prior guidance).

Industry retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be 435,000 to 455,000 units (prior guidance 425-445K), with Class 8 retail deliveries of 295,000 to 315,000 units (prior guidance 290-310K).

Additionally, the company forecasts the industry's 2020 retail deliveries of Class 6-8 trucks and buses in the United States and Canada to be in the range of 335,000 to 365,000 units (down 21% yr/yr based on mid point), with Class 8 retail deliveries between 210,000 and 240,000 units (down 26% yr/yr based on mid point).

Earnings this week : Sept 2 - 6, 19 (wk 36)

Monday (Sept 2)

• Labor Day Holiday

Tuesday (Sept 3)

• Morning: CONN NSSC TUFN
• Afternoon: COUP EGAN GSM HQY

Wednesday (Sept 4)

• Morning: AEO MIK  NAV VRA
• Afternoon: AVAV HOME CLDR CPRT DSGX MDB PANW PVTL REVG WORK SMAR VRNT

Thursday (Sept 5)

• Morning: BITA CIEN DCI GIII JW.A KIRK LE LVGO MDP SCWX SIG
• Afternoon: ABM CDMO CRWD DOCU DOMO GWRE KFY LULU MDLA PD NX SAIC ZM ZUMZ

Friday (Sept 6) 

• Morning: BRC GCO

Notable earnings reports:

• Coupa Software (NASDAQ:COUP) on September 3; Slack Technologies (WORK), Palo Alto Networks (NYSE:PANW), MongoDB (NASDAQ:MDB), Cloudera (NYSE:CLDR) and Pivotal Software (NYSE:PVTL) on September 4; Lululemon (LULU), DocuSign (NASDAQ:DOCU), Signet Jewelers (NYSE:SIG) and Zoom Video (NASDAQ:ZM) on September 5; Brady (NYSE:BRC) on September 6.

=Navistar (NAV) reported earnings on Tue 18 Dec 2018 (b/o)

Navistar beats by $0.14, beats on revs; guides FY19 revs above consensus

• Reports Q4 (Oct) earnings of $1.89 per share, excluding non-recurring items, $0.14 better than the S&P Capital IQ Consensus of $1.75; revenues rose 27.7% year/year to $3.32 bln vs the $3.24 bln S&P Capital IQ Consensus.
• Class 8 retail market share grew to 13.5 percent in fiscal year 2018 versus 11.8 percent in fiscal year 2017.
• Co issues upside guidance for FY19, sees FY19 revs of $10.75-11.25 bln vs. $10.54 bln S&P Capital IQ Consensus.
• FY19 Guidance: Industry retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be 395,000 to 425,000 units, with Class 8 retail deliveries of 265,000 to 295,000 units. Adjusted EBITDA is expected to be between $850 million and $900 million. 

Earnings this week : December 17 - 21, 2018 (wk 51)

Earnings confirmed to report next week

Monday (Dec 17) 

• Morning: None
• Afternoon: HEI ORCL RHT

Tuesday (Dec 18)

• Morning: DRI FDS NAV WOR
• Afternoon: ABM AIR FDX JBL MU SCS 

Wednesday (Dec 19)

• Morning: GIS NCS PAYX WGO
• Afternoon: MLHR PIR RAD REVG

Thursday (Dec 20)

• Morning: ACN APOG ATU BB CAG CCL CTAS NEOG  SAFM SCHL SID WBA
• Afternoon: CAMP CTAS NKE  

Friday (Dec 21)

• KMX

=Navistar (NAV) reported earnings on Tue 5 June 2018 (b/o)

Navistar beats by $0.21, reports revs in-line; raises FY18 guidance

• Reports Q2 (Apr) GAAP earnings of $0.55 per share, $0.21 better than the Capital IQ GAAP Consensus of $0.34; revenues rose 15.6% year/year to $2.42 bln vs the $2.43 bln Capital IQ Consensus.
• Second quarter 2018 EBITDA was $174 million, compared to second quarter 2017 EBITDA of $47 million. Second quarter adjusted EBITDA was $182 million, compared to adjusted EBITDA of $65 million in the comparable period last year.
• Based on stronger industry conditions, the company raised its 2018 full-year guidance:
  • Industry retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be 380,000 units to 410,000 units, with Class 8 retail deliveries of 250,000 to 280,000 units.
  • The company's adjusted EBITDA is expected to be between $725 million and $775 million.
  • Sees revs of $9.75-10.25 bln (Prior $9.25-9.75 bln) vs. $9.64 bln Capital IQ Consensus Estimate.

-=Navistar (NAV) reported earnings on Tue 19 Dec 2017 (b/o)

Navistar reports Q4 (Oct) results, beats on revs; guides FY18 revs in-line, with midpoint above consensus 

• Reports Q4 (Oct) earnings of $1.36 per share, may not be comparable to the Capital IQ Consensus of $0.63; revenues rose 25.9% year/year to $2.6 bln vs the $2.27 bln Capital IQ Consensus. The revenue increase was largely driven by a 31-percent increase in the company's Core (Class 6-8 trucks and buses in the United States and Canada) volumes.
• Fourth quarter 2017 adjusted EBITDA was $268 million, which included $11 million of adjustments. Adjusted EBITDA margins increased to 10.3 percent. Fiscal year 2017 adjusted EBITDA was $582 million, versus $508 million adjusted EBITDA for 2016. Full-year adjusted EBITDA margins increased to 6.8 percent.
• Co issues in-line guidance for FY18, sees FY18 revs of $9-9.5 bln vs. $9.03 bln Capital IQ Consensus Estimate; Adjusted EBITDA is expected to be between $675 million and $725 million; Retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be in the range of 345,000 units to 375,000 units. 

=Navistar (NAV) reported earnings Tue 20 Dec 2016 (b/o)

Navistar reports Q4 (Oct) results, misses on revs; guides FY17 revs in-line :

• Reports Q4 (Oct) loss of $0.42 per share, may not be comparable to the Capital IQ Consensus of $0.26; revenues fell 17.1% year/year to $2.06 bln vs the $2.18 bln Capital IQ Consensus. Fourth quarter 2016 EBITDA was $95 mln versus EBITDA of $86 mln in the same period one year ago. This year's fourth quarter included $9 mln in net charges for asset impairments and restructurings, and $8 mln in pre-existing warranty adjustments. As a result, adjusted fourth quarter 2016 EBITDA was $112 mln.
• Co issues in-line guidance for FY17, sees FY17 revs of similar to FY16 ($8.111 bln) vs. $8.01 bln Capital IQ Consensus Estimate. 
• FY17 Guidance Details: Retail deliveries of Class 6-8 trucks and buses in the United States and Canada are forecast to be in the range of 305,000 units to 335,000 units for fiscal year 2017. Full-year 2017 adjusted EBITDA is expected to be higher than 2016. Fiscal year end 2017 manufacturing cash is expected to be about $800 mln, including the capital injection from Volkswagen Truck & Bus (VLKAY).

VW Takes $256 Million Stake in Icahn-Backed Navistar (NAV)

• Navistar International Corp. to form a strategic alliance with Volkswagen Truck & Bus.
• The German auto giant taking a 16.6 percent ownership stake in the Chicago-based truck maker.
• The deal is expected to help both sides cut costs, give Volkswagen's trucks business a long-desired foothold in North America and provide a source of new engines for Navistar, which has been looking for a partner ever since its heavy-duty diesel truck engine failed to get approval from U.S. regulators in 2010.

  

Under terms of the deal, Volkswagen Truck & Bus will make an equity investment of $256 million and acquire 16.2 million newly issued shares in Navistar, representing 16.6 percent of post-transaction, undiluted common stock. The equity investment will be used for general corporate purposes.

Volkswagen has agreed to hold the shares for a minimum of three years, and it will have the right to appoint two seats on Navistar's board of directors.

Reuters reports that the deal will provide a source of more environmentally friendly engine technology for Navistar (NYSE: NAV) while giving Volkswagen a share in the North American market. The alliance will also create procurement economies of scale.

The Volkswagen deal comes after Navistar announced this summer it would hire 300 more workers at the Springfield truck assembly plant in a deal with General Motors. The new GM (NYSE:GM) deal calls for Navistar to manufacture the cutaway model of the G Van starting in the first half of 2017, prompting the company to add the new jobs. This comes in addition to 300 jobs the company is adding as it makes trucks for GM, in a separate contract announced last year.

Navistar (NAV) reported earnings Tue 7 June 2016 (b/o)

** charts before earnings **

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A week later:

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Navistar beats by $0.20, reports revs in-line; lowers FY16 guidance :

• Reports Q2 (Apr) GAAP earnings of $0.05 per share, $0.20 better than the Capital IQ Consensus of ($0.15); revenues fell 18.4% year/year to $2.2 bln vs the $2.18 bln Capital IQ Consensus.
  • Adj. EBITDA +83% to $187 mln, driven by continued strong cost management, product cost improvement and record Parts segment profitability.
• Co issues downside guidance for FY16, sees FY16 revs of $8.2-8.6 bln vs. $8.81 bln Capital IQ Consensus; lowers EBITDA to $550-600 mln from $600-650 mln.
  • Updated total cost reduction guidance to well exceed $200 mln. Reduced its end-of-year manufacturing cash guidance to be ~$800 million.
  • For the second half of 2016, Navistar lowered its industry guidance range by 20,000 units, due to softening Class 8 market conditions. Given this, along with slower than anticipated market share growth domestically, weaker export markets, and the impact of a stronger dollar, the company reduced its full-year revenue and adjusted EBITDA guidance.

Navistar (NAV) reported earnings on Thur 17 Dec 2015 (before open)

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 ** charts after earnings **

Navistar reports net loss, adj. EBITDA in-line with guidance, misses on revs; guides FY16 :

• Reports Q4 (Oct) loss of $0.62 per share, including items, may not compare to the Capital IQ Consensus of $0.63; revenues fell 17.3% year/year to $2.49 bln vs the $2.55 bln Capital IQ Consensus. Higher Class 6/7 medium and bus chargeouts in the company's Core (U.S. and Canada) market were more than offset by reduced volumes in the company's export and global operations, lower Class 8 truck chargeouts in its Core market, and Navistar's exit earlier this year from the Blue Diamond Truck joint venture.
• Adj. EBITDA $209 mln vs. $175-225 mln guidance.
  
  • Navistar finished the fourth quarter 2015 with $1.01 billion in manufacturing cash, cash equivalents and marketable securities.
• Forecasts retail deliveries of Class 6-8 trucks and buses in the United States and Canada will be in the range of 350,000 units to 380,000 units for fiscal year 2016. Full-year 2016 revenues to be between $9.5 - $10.0 billion. Full-year 2016 adjusted EBITDA of $600 - $700 million.

NAV (10/15)