Agricultural and construction equipment maker CNH Global NV (CNH) 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.
by RTT Staff Writer
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