CNH Reports 4Q Results

CNH Global, Burr Ridge, IL, which has its Case IH agricultural equipment brand based in Racine, WI, reported net income for the quarter ended Dec. 31 of $195 million, up from $193 million in the year-ago period. Equipment sales increased 3.4% to $4.9 billion, driven by an 8.6% surge in agricultural equipment sales. For full-year 2012, net income increased 21.6% to $1.1 billion, from $939 million in 2011.

Net equipment sales increased 7.6% to $19.4 billion in 2012, with agricultural equipment sales increasing 10.4% and construction equipment sales dipping 2.7%.

CNH, which has 2,500 employees in Racine according to The Business Journal’s 2012 list of largest Milwaukee-area manufacturers, said “solid” global demand for agricultural equipment in 2012 more than offset the negative effects of the more difficult trading conditions in construction equipment and foreign currency translation. CNH said it expects 2013 revenue to be up about 5%, with agricultural and construction equipment unit volume to be flat to up 5%.