On Thursday, Navistar International Corp (NYSE:NAV)’s shares declined -4.87% to $12.10.
General Motors Co. and Navistar have reached a long-term agreement to develop and assemble future medium-duty, conventional cab Class 4/5 commercial vehicles, allowing Navistar to strengthen its product lineup and GM to expand its Chevrolet commercial truck portfolio.
The future products will be jointly developed using Navistar’s expertise in rolling chassis configurations and manufacturing capabilities, and GM’s commercial components and engines. The vehicles are slated for production in 2018 and will be manufactured at Navistar’s facility in Springfield, Ohio. Navistar plans to add 300 jobs and invest more than $12 million in facility upgrades and state-of-the-art equipment to produce the new vehicles.
Specific terms of the agreement were not revealed. Additional product information will be declared later.
Navistar International Corporation manufactures and sells commercial and military trucks, diesel engines, and school and commercial buses; and provides service parts for trucks and diesel engines worldwide. It operates through four segments: North America Truck, North America Parts, Global Operations, and Financial Services.
At the end of Thursday’s trade, Bed Bath & Beyond Inc. (NASDAQ:BBBY)‘s shares surged 1.03% to $57.61.
Bed Bath & Beyond Inc. reported financial results for the second quarter of fiscal 2015 ended August 29, 2015.
Fiscal 2015 Second Quarter and Six Months Results
For the second quarter of fiscal 2015, the Company reported net earnings of $1.21 per diluted share ($201.7 million) compared with $1.17 per diluted share ($224.0 million) for the second quarter of fiscal 2014. Net sales for the second quarter of fiscal 2015 were approximately $2.995 billion, an increase of approximately 1.7% from net sales of approximately $2.945 billion reported in the second quarter of fiscal 2014. Net sales on a constant currency basis increased by approximately 2.2% for the second quarter of fiscal 2015. Comparable sales in the second quarter of fiscal 2015 increased by approximately 0.7%, compared with an increase of approximately 3.4% in last year’s fiscal second quarter. Comparable sales on a constant currency basis increased by approximately 1.1% for the second quarter of fiscal 2015.
For the fiscal six months ended August 29, 2015, the Company reported net earnings of $2.13 per diluted share ($360.1 million) compared with $2.09 per diluted share ($411.0 million) in the corresponding period a year ago. Net sales for the fiscal six months of 2015 were approximately $5.734 billion, an increase of approximately 2.4% from net sales of approximately $5.602 billion in the corresponding period a year ago. Net sales on a constant currency basis increased by approximately 2.7% for the fiscal six months. Comparable sales for the fiscal six months of 2015 increased by approximately 1.4%, compared with an increase of approximately 2.0% in last year’s fiscal six months. Comparable sales on a constant currency basis increased by approximately 1.8% for the fiscal six months of 2015.
Linen Holdings is excluded from the comparable sales calculations and will continue to be excluded on an ongoing basis because it represents non-retail activity.
Bed Bath & Beyond Inc., together with its auxiliaries, operates a chain of retail stores. It sells a range of domestics merchandise, counting bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletops, basic housewares, general home furnishings, consumables, and certain juvenile products.
B/E Aerospace Inc (NASDAQ:BEAV), ended its Thursday’s trading session with -0.11% loss, and closed at $43.85.
B/E Aerospace, Inc. (BEAV), the world’s leading manufacturer of aircraft cabin interior products, recently declared that it anticipates to recognize charges during the third quarter associated with its cost reduction program. The charges reflect costs associated with facilities consolidation, product rationalization, workforce reductions and program discontinuance. The Company plans to close several facilities, consolidate certain product lines and reduce headcount by about 450 employees. Total after-tax charges for the associated activities are predictable to be about $30 million.
“These initiatives are predictable to reduce costs and improve efficiencies which are necessary due to the slower revenue growth predictable in 2015 and 2016. We expect our initiatives to offset inflationary pressures on wages, occupancy and infrastructure costs and enable us to continue to generate incremental year-over-year margin improvement,” said Amin J. Khoury, Executive Chairman of B/E Aerospace.
B/E Aerospace, Inc. designs, manufactures, sells, and services cabin interior products for commercial aircraft and business jets in the United States and internationally. Its Commercial Aircraft segment offers first class, business class, tourist class, and regional aircraft seats, in addition to spares; oxygen storage, distribution, and delivery systems for commercial and business jet aircraft; coffee makers/water boilers, ovens, and refrigeration equipment; and modular lavatory, wastewater, and galley systems.
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