Largest shareholder MHR raises stake in Navistar (NYSE: NAV)

Shawshank, VA 7/11/12 (StreetBeat) -- Activist investment firm MHR Fund Management LLC said it increased its stake in Navistar International Corp (NYSE: NAV) to 14.95 percent as of July 9.

The fund, founded and run by Mark Rachesky, became the largest shareholder in the U.S. truck and engine maker in June by acquiring a 13.6 percent stake, edging out Carl Icahn.

Navistar has been struggling for the past year to contain costs of developing a new type of diesel engine for heavy trucks, and has seen its shares lose about half their value in the meantime.

Navistar, facing pressure from investors to sell itself or change its engine strategy, said last week it was developing a new engine which is expected to be ready early next year.

Navistar shares closed at $21.95 on Tuesday on the New York Stock Exchange.

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Navistar (NYSE: NAV) Fades 5.5% on EPA Compliant Reports

Northern, WI 7/6/12 (StreetBeat) -- Navistar International Corp. (NYSE: NAV) said Friday that it is in talks with federal regulators on a plan that will allow it to continue shipping trucks while it makes a transition to a new emission-reducing technology.

The news initially sent the commercial truck and engine maker's shares up more than 4 percent in premarket trading, before giving up the gains and then falling into negative territory, along with the overall market, after the release of a disappointing jobs report.

The Lisle, Ill.-based company said its In-Cylinder Technology Plus system will meet 2010 Environmental Protection Agency emissions regulations and help position the company to meet greenhouse gas rules ahead of 2014 and 2017 requirements. The new technology is expected to be available beginning in early 2013.

Navistar has struggled this year amid the uncertainty surrounding whether its Class 8 engine, which is used in the largest commercial trucks, would get EPA approval. Last month, the company reported a net loss of $172 million for the second quarter, pulled down by $108 million in losses at the engine division, and slashed its full-year earnings forecast to a fraction of its previous range.

Navistar said it plans to continue to build and ship EPA-compliant trucks in all vehicle classes using a combination of emissions credits and non-compliance penalties while it transitions to its new emissions reduction technology.

"We are working diligently to create a path forward with the EPA, which we believe will bring clarity to the market and help us execute our business plan and achieve our goals," the company said in an investor presentation filed Friday with the Securities and Exchange Commission.

Navistar added that its cash position remains stable and believes it would have access to additional financing sources if they were needed.

The company said that while the transition will require some additional product development, resulting in additional costs, the new technologies will help reduce the company's costs and expand its margins in the long term.

Navistar shares fell $1.59, or 5.5 percent, to $27.20 in morning trading after the government's June employment report showed slower-than-expected job growth. They had risen as high as $30 per share in premarket trading 80 minutes before the employment data was released.

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MHR Fund reports 14 pct stake in Navistar (NYSE:NAV)

Orlando, FL 6/15/12 (StreetBeat) -- Investment firm MHR Fund Management LLC reported a 13.6 percent stake in Navistar International Corp (NYSE:NAV) and said it may seek talks with the management of the troubled truck and engine maker.

MHR, which is run by Mark Rachesky, owns about 9.4 million shares of Navistar, according to a regulatory filing on Friday.

Rachesky, who used to work for billionaire investor Carl Icahn before co-founding MHR, has previously invested in Lions Gate Entertainment Corp (NYSE:LGF). He is also the chairman of Leap Wireless International Inc (Nasdaq:LEAP).

Icahn said last week he had raised his stake in Navistar to 12 percent, taking advantage of a sharp drop in the stock price triggered by weak results.

In the filing, New York-based MHR said it "may seek to engage in discussions with (the) management and others concerning the business and operations of the company."

Navistar's stock slide followed an unexpected second-quarter loss due to the rising cost of repairing engines sold in 2010 and 2011 and delays in regulatory approval for a new diesel engine design.

There has been increasing speculation that the company may be an acquisition target.

Icahn has pushed for a merger between Navistar and rival Oshkosh Truck Corp (NYSE:OSK), in which he owns a stake.

Fiat Industrial chairman Sergio Marchionne said last week he was interested in increasing his company's presence in the U.S. truck market, leading to speculation that Fiat could also be interested in Navistar.

Volkswagen has also been reported to be in the early stages of examining whether to take a stake in Navistar.

Navistar's shares rose 3 percent to $28.58 in premarket trading. They had closed at $27.83 on Thursday on the New York Stock Exchange.

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Navistar (NYSE: NAV) reports loss, cuts full-year forecast

Shawshank,VA 6/7/12 (StreetBeat) -- U.S. truck and engine maker Navistar International Corp (NYSE:NAV) reported a second-quarter loss and cut its profit forecast for the year, as it continues to wait on U.S. regulatory approval for a new model of diesel engine.

Shares fell 11 percent to $25 in premarket trading, placing them at the lowest in a year if they open at that point on the New York Stock Exchange.

The second-quarter loss of $172 million included a $104 million pretax charge for warranty expenses to repair trucks sold in 2010 and 2011. It earned $74 million, or 93 cents a share, a year earlier.

In its second downward revision to guidance this year, the company said it now expects 2012 adjusted earnings to range from break even to $2.00 per share, down from an initial forecast of $5.00 to $5.75 a share.

"Clearly their engine strategy hasn't worked and that has filtered through to the rest of the business," said Basili Alukos, an analyst at Morningstar in Chicago who follows the company.

Lisle, Illinois-based Navistar said it continued to await regulatory approval for a heavy-duty truck engine. The engine, which doesn't comply with emission rules, is the subject of a U.S. Environmental Protection Agency probe launched earlier this year.

The company faces costs of $2,000 per non-compliant engine, JP Morgan said in a recent note to clients. Customers, too, await regulatory approval before they place orders, it said.

Navistar revenue fell about 2 percent to $3.3 billion.

Shares of the company were down 55 percent from a year ago, as of Wednesday's $28.15 close.

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Navistar (NYSE: NAV) International 1st-quarter loss widens

Palm Beach, FL 3/8/12 (StreetBeat) – Navistar (NYSE: NAV) reported widening first-quarter losses Thursday, citing higher health care costs, a new foundry operation and a brake supplier issue.

The heavy trucks and engines maker cut its full-year adjusted earnings outlook to a range below Wall Street's expectations. Its stock slid 5 percent in premarket trading.

Navistar lost $153 million, or $2.19 per share, for the three months ended Jan. 31. That compares with a loss of $6 million, or 8 cents per share, a year earlier.

Removing the charge related to engineering integration costs, Navistar lost $2.08 per share compared with a profit of 16 cents per share in the prior-year period.

Analysts polled by FactSet predicted a loss of 20 cents per share.

The company said that the first-quarter is typically the softest due to seasonal weakness. Other problems included the temporary shutdown of a key customers that manufactures equipment because of flooding in Thailand.

Revenue climbed 11 percent to $3.05 billion on higher truck volumes in traditional, and topped most Wall Street estimates.

Navistar now foresees full-year adjusted earnings of $4.25 to $5.25 per share. Its prior guidance was for adjusted earnings in a range of $5 to $5.75 per share. The company said that the outlook includes about $90 million in higher post-retirement health care costs compared to last year.

Analysts predict 2012 earnings of $5.50 per share.

Shares of Navistar International Corp. declined $2.03 to $38 before the market opened.

Navistar did say that it expects North American truck demand to rise between 5 percent and 18 percent in fiscal 2012.

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