Results during the fourth quarter of this year were impacted by several items including a $289 million accrual related to a profit sharing dispute, a $58 million settlement with the Department of Justice related to Navistar Defense and a $14 million charge related to pre-existing warranties, according to a news release from the company.
Revenues reported during the fourth quarter were $2.1 billion compared to $2.8 billion the year before. Revenues for the entire fiscal year were $7.5 billion compared to the $11.25 billion reported last year.
The decrease in revenues were primarily driven by the impact that the coronavirus pandemic has had on the trucking industry, the release stated.
Adjusted net income for the fourth quarter was $61 million versus the $114 million reported during the same quarter last year. Adjusted net income for fiscal year 2020 was $10 million versus $423 million in 2019.
Navistar finished the fourth quarter of 2020 with $1.8 billion in consolidated cash and cash equivalents.
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