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EARNINGS

February 18, 1988

Navistar International reported earnings of $45 million in the first quarter, a turnaround from a net loss of $98.6 million a year ago. The Chicago-based company, formerly known as International Harvester, took a $112-million charge in the 1987 first quarter for early retirement of debt. The company said first-quarter earnings were $15 million less than expected due to higher-than-expected start-up costs at its new foundry facilities in Indianapolis and its new paint plant in Springfield, Ohio. Sales rose 11% to $923.3 million.

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