Early planting drives strong first-quarter results for CNH
Apr 30, 2012 | 08:03 AM
| Corinna Petry
Tags
CNH Global,
Case,
New Holland,
Kobelco,
Richard Tobin,
agricultral equipment,
construction equipment,
corinna petry
CHICAGO — CNH Global N.V., which makes agricultural and construction machinery under the Case, Kobelco and New Holland brands, has reported a better-than-projected first quarter.
The Burr Ridge, Ill.-based company posted net income of $269 million, up 77 percent from the first three months of last year, on revenue that rose 22 percent to $4.6 billion. North America accounted for 45 percent of sales.
"In Europe and North America, we’ve had a bit of an early start to the (planting) season, so that’s driven some volume demand earlier than we’ve ever seen," CNH president and chief executive officer Richard J. Tobin said during a conference call with investors. "Because of the warmer weather, we’ve had some estimates that the planting has moved up almost 30 days, so that has driven demand that we historically would have....
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