Navistar recently announced its profit for the third quarter of fiscal year 2011-2012 and announced plans to buy back stocks.
Navistar’s net income in the third quarter of this fiscal year was US$1.4 billion, equivalent to a diluted earnings of US$18.24 per share. This includes the income tax and the cost of rebuilding North American factories. After these costs are deducted, the net profit is US$61 million, which is equivalent to US$0.79 per diluted share.
Given the company's current capital is sufficient, Navistar plans to use the open market repurchase and some rapid repurchase programs in the next few months to buy back 5% of the company's stock, valued at $175 million.
Daniel C. Ustian, CEO of Navistar, said: "Next, we will be committed to the development of new products, lower production costs, increase the flexibility of the production process, prepare for the fourth quarter, and strive to achieve this year's per share dilution. After the goal of gaining 5-6 dollars."
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