(CAT) Caterpillar and Navistar International Venture NC2 Gets a New President

The board of directors of NC2 Global, LLC – a global 50:50 commercial truck joint venture between Caterpillar Inc. (CAT) and Navistar International Corp. (NAV) – has appointed Phil Christman as its new president, effective immediately. Phil Christman will replace Al Saltiel, who served since July 2009. Al Saltiel will now go back to Navistar as its chief marketing officer.

Christman joined Navistar in 1986, where he took up various positions ranging from varied leadership roles to vice president of Engineering, delivering the current International High Performance Vehicle platform in 2001. Prior to this, he was the president for the company’s Global Truck operations.

Caterpillar is satisfied about choosing Christman as the new president of the joint venture as he has a wide range of experience in leading Navistar’s global truck operations and targeting vehicles for the right customers and markets across the globe.

Currently NC2 operates in markets including Australia, Brasil and South Africa with an established product portfolio, dealer distribution network and manufacturing bases.

Navistar reported an EPS of $1.20 in its second quarter, up from 60 cents in the year-earlier quarter. However, the company missed the Zacks Consensus Estimate by 13 cents per share. The rise in profit was attributed to strong industry demand and benefits from the company’s expansion plan.

Revenues in the quarter appreciated 22.3% to $3.36 billion, up from the Zacks Consensus Estimate of $3.32 billion. Total segment profit rose significantly by 12.8% to $168 million from $149 million in the year-ago quarter.

Navistar’s earnings projection ranges between $427 million and $465 million or $5.50 per share and $6.00 per share for the fiscal year ending October 31, 2011. The company is expected to generate cash of $1.43 billion at the end of the fiscal year.

Caterpillar posted its first quarter results, delivering an EPS of $1.84, up from 36 cents in the year-ago quarter. Similarly, revenues increased by a whopping 57% to approximately $13 billion from $8.24 billion in the year-ago quarter. The improvement in results was attributed to increasing demand and production, along with cost control measures.

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