Shares of Fiat Chrysler Automobiles NV (NYSE:FCAU) ended Friday session in red amid volatile trading. The shares closed down -0.17 points or -2.56% at $6.67 with 3.04 million shares getting traded. Post opening the session at $6.76, the shares hit an intraday low of $6.66 and an intraday high of $6.80 and the price vacillated in this range throughout the day. The company has a market cap of $8.82 billion and the numbers of outstanding shares have been calculated to be 1.29 billion shares.
On Sept. 9, 2016 FCA US vehicles continue to accelerate forward with in-vehicle technology with the debut of 4G LTE network connectivity in the all-new fourth-generation Uconnect 8.4 and 8.4 NAV systems.
4G LTE network capability for connected services will begin with model year 2017 Dodge Charger, Dodge Challenger and Chrysler 300 vehicles equipped with the fourth-generation Uconnect 8.4 or 8.4 NAV system. This enhancement will provide U.S. customers with expanded and more reliable network coverage, increased in-vehicle application responsiveness, plus faster network speeds for the connected services that Uconnect has to offer.
“The advancement from 3G Network to 4G LTE network capability gives our customers a great opportunity to expand upon and explore the efficiency and convenience that our built-in connected services have to offer,” said Tricia Hecker, Global Head of Connected Services. “As our Uconnect systems continue to develop new services and features, this increase of network connectivity allows our systems to evolve and progress as technology changes.”
The enhancement of 4G LTE network capability builds upon the existing portfolio of award-winning Uconnect systems and built-in vehicle services. FCA first introduced Uconnect Access connected services in 2012, now with 4G LTE those same great connected services will be faster than ever.
Shares of Navistar International Corp (NYSE:NAV) ended Friday session in red amid volatile trading. The shares closed down -0.63 points or -3.29% at $18.49 with 2.93 million shares getting traded. Post opening the session at $19.40, the shares hit an intraday low of $18.49 and an intraday high of $19.82 and the price vacillated in this range throughout the day. The company has a market cap of $1.52 billion and the numbers of outstanding shares have been calculated to be 81.62 million shares.
Navistar International Corp (NAV) on Sept. 8, 2016 announced a third quarter 2016 net loss of $34 million, or $0.42 per diluted share, compared to a third quarter 2015 net loss of $28 million, or $0.34 per diluted share.
Third quarter 2016 EBITDA was $96 million versus EBITDA of $106 million in the same period one year ago. The third quarter 2016 included $36 million in adjustments, including $19 million of pre-existing warranty charges and $17 million in asset impairments and restructuring costs, compared to adjustments of $23 million in the third quarter of 2015. Excluding these items, adjusted EBITDA was $132 million in the third quarter 2016 compared to $129 million in the same period one year ago.
Revenues in the quarter were $2.1 billion, down 18% from the same period one year ago, primarily reflecting lower year-over-year chargeouts in the company’s core markets (Class 6-8 trucks and buses in the United States and Canada), which was impacted by softer industry conditions, primarily in the Class 8 market. The company achieved $32 million in structural cost reductions during the third quarter, raising year-to-date structural savings to $145 million. Combined with product and purchasing cost savings, the company’s total year-to-date costs savings exceed $300 million.
“This quarter’s results show that we continue to make progress in the face of tougher market conditions, particularly in the heavy segment,” said Troy A. Clarke, Navistar president and chief executive officer. “As we pursue our goal of market share growth, we do see some encouraging signs in the area of order share, where year-to-date share of new orders continues to be up for the past three quarters. We are confident that as the industry works through its near term challenges, particularly in Class 8, our improvements in order share will translate to improved retail share as well.”