A large Springfield employer reported good first-quarter earnings on Friday, continuing a bounce back after reporting losses a year ago.
Navistar International Corporation reported the first months of 2019 saw a net income of $11 million, the company told investors in a release Friday, including $2.4 billion in revenues. That’s a 28 percent increase compared to early 2018, when the company reported making $1.9 billion in revenues (a net loss of $73 million).
“We had our best first quarter since 2010 as customer acceptance of our new products translated to extended gains in our Core market share,” said Troy Clarke, chairman, president and CEO. “In addition to our ongoing growth in Class 8, our medium-duty market share grew by six points during the quarter, the largest year-over-year medium share gain in the industry.”
The company has rebounded over the past several years after weathering turmoil that included top management changes, legal struggles, a recession and a failed engine technology. The company reported an annual profit of $30 million in 2017, its first annual profit in six years.
Navistar is one of Clark County’s largest employers with more than 1,800 people working at its Springfield plant. Thousands of the company’s retirees also live in the area.
Workers at Navistar’s Springfield facility produce medium, severe service and heavy-duty commercial trucks, as well as the GM cutaway van on a separate line.