Navistar 'not pleased' with $1.3 billion drop in third quarter income
www.chinatrucks.com: Navistar’s third quarter earnings have taken a major hit year-over-year, with a net income of $84 million compared to $1.4 billion in 2011. Results included an income tax benefit of $196 million – primarily because of a third quarter change in the company's estimated annual effective tax rate – as well as the impact of $16 million in costs related to “engineering integration” – alluding to the company’s addition of selective catalytic reduction (SCR) exhaust aftertreatment to its engines after missing the mark in achieving the US EPA’s emissions – and $10 million in non-conformance penalties (NCPs) associated with falling short of those standards. The third quarter of 2011 included a $1.48 billion benefit from the release of a portion of the company's income tax valuation allowance.
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