WARRENVILLE, Ill. (AP) -- Truck and engine maker Navistar International Corp. on Tuesday reported sharply lower first-quarter profit, missing Wall Street targets amid a decline in sales to military customers.
The company also gave a full-year profit forecast that fell short of analysts' expectations.
Shares in the Warrenville company tumbled $3.32, or 7.5 percent, to $40.89 in aftermarket trading following the release of the earnings news. They had finished the regular session up 83 cents, or nearly 2 percent, to $44.25.
Navistar said it earned $17 million, or 23 cents per share, in the quarter ended Jan. 31. A year ago, it earned $234 million, or $3.27 per share.
Revenue slipped to $2.81 billion from $2.97 billion a year earlier.
Analysts expected Navistar to earn 85 cents per share on revenue of $3.18 billion, according to a Thomson Reuters survey.
The company repeated that it expects earnings in the fiscal year that ends Oct. 31 of between $127 million and $163 million, or between $1.75 and $2.25 per share.
Analysts were looking for $2.73 per share profit for the year.
After the quarter ended, the company won a $752 million contract to provide 1,050 armored vehicles to the U.S. military, and it will launch a new commercial truck this week.
