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CNH Global Q4 Results Top Estimates - Update

Agricultural and construction equipment maker CNH Global NV (CNH: Quote) Thursday reported a marginal rise in fourth-quarter profit, amid higher revenues as well as increased expenses. Adjusted earnings and revenues topped Wall Street estimates.

Net income attributable to CNH Global improved to $195 million from $193 million last year. On a per share basis, earnings dropped to $0.78 from $0.80 last year.

Excluding restructuring and exceptional items, earnings per share were $0.92, while it totaled $0.79 last year. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased to $5.19 billion from $5.04 billion in the prior year. Net sales advanced to $4.93 billion from $4.77 billion last year. Analysts expected revenues of $4.59 billion for the quarter.

Net sales from equipment operations rose 3 percent to $4.93 billion and the segment's operating profit climbed 18 percent.

Agricultural Equipment sales climbed 9 percent to $4.01 billion while Construction Equipment sales dropped 15 percent to $915 million.

Operating expenses increased to $5.00 billion from $4.87 billion while income tax provision climbed to $26 million from $11 million.

Looking ahead to 2013, the company projects a revenue growth of about 5 percent and sees operating margin between 8.5 percent and 9.0 percent.

CNH closed at $48.31 on Wednesday.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
After coming under pressure in early trading, stocks have seen some further downside over the course of the trading day on Friday. With the losses on the day, the S&P 500 is pulling back well off the record closing high that it set in the previous session. After reporting an unexpected drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than expected in the month of June. British economic growth remained high as expected in the second quarter as a robust expansion in the dominant service sector, and industry completely offset the slight weakness in the construction sector. With the second quarter expansion, GDP returned to its pre-crisis level. Gross domestic product grew 0.8 percent sequentially in the second quarter, the same rate as seen in the first quarter.
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