Navistar International Corp. reported a larger-than-expected third-quarter loss on Wednesday (Sept. 4) and said it will cut 500 jobs by the end of October, according to the Chicago Tribune.
The Lisle, Ill.-based truck and engine maker said that its plan to return the company to profitability has been slower market share than it expected, mainly because its market share fell more than anticipated. Navistar said sales took a hit in a transition to a new engine strategy and weaker market conditions, the newspaper reported.
“We still face a few significant challenges, but we have laid the groundwork to solve them, and obviously, we want to accelerate our rate of progress,” Troy Clarke, Navistar’s president and chief executive, said in a conference call.
The company had hoped to be profitable by the end of the year, though it had previously said it could take up to 18 months. The company now expects to be profitable in 2014, according to the Chicago Tribune.
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