Agricultural and construction equipment maker CNH Global N.V. (CNH) on Tuesday reported higher profit for the first quarter, amid a marginal rise in revenues and lower expenses. The company backed its full year forecast. The stock is falling more than 6 percent in pre-market activity.
Net income attributable to the company increased to $326 million from $269 million. Earnings per share improved to $1.33 from $1.11.
On average, 6 analysts polled by Thomson Reuters expected earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues grew to $4.95 billion from $4.9 billion in the prior year. Analysts expected revenues of $4.52 billion.
Net sales rose 1 percent to $4.7 billion and expanded 3 percent on a constant currency basis.
Agricultural equipment net sales climbed 9 percent to $3.94 billion, driven by increased volume, positive net pricing, and favorable product mix.
Construction equipment net sales fell 26 percent to $754 million, as industry unit demand slowed in every region with light equipment down 8 percent and heavy declining 23 percent. Capacity utilization reduced in the quarter amid weak trading conditions in most major markets and inventory adjustments to meet forecasted demand.
Total expenses fell to $4.508 billion from $4.54 billion, amid lower interest expense.
For fiscal 2013, the company still expects revenues to be up around 5 percent and operating margin between 8.5 percent and 9.0 percent.
CNH closed at $45.37 on Monday. The stock is falling 6.3 percent in the extended trade.
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