Navistar profit beats; peak demand fears hit shares [Reuters]
Navistar Intl Corp (NAV)
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Source: Reuters
Navistar profit beats; peak demand fears hit shares | Reuters 3 Min Read (Reuters) - U.S. truck maker Navistar International Corp ( NAV.N ) topped analysts’ profit estimates for the fifth straight quarter on Thursday and raised its fiscal 2018 revenue forecast, boosted by strong freight demand and hauliers replacing more trucks. However, the company’s shares, which rose as much as 7 percent in early trading, erased all gains to trade 3 percent lower on concerns of a peaking truck cycle in North America following a surge in Class 8 truck orders. “The problem with these cyclical businesses is the stronger the number, the more people worry that it must be a peak,” Jefferies analyst Stephen Volkmann said, adding that the risk was being overestimated. Orders for Class 8 trucks - the big rigs that haul freight along America’s highways and byways - have been rising every month this year through August and are at their all-time high as most hauliers in the United States are replacing older
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