CNH 2Q net sales up 9%, operating profit up 26%
| July 31, 2013 |
The company reported a year-over-year 9 percent increase in 2Q net sales to $5.5 billion and a 26-percent jump in operating profit from equipment sales to $659 million.
Comprising 83 percent of CNH equipment sales in the quarter, ag equipment more than made up for losses seen in construction equipment sales.
For the quarter, CNH sold $4.5 billion in ag equipment, up 13 percent since the same period last year. Meanwhile, ag operating profit increased a whopping 28 percent to $647 million.
Construction equipment net sales fell 6 percent to $949 million. Operating profit fell even further—30 percent to $12 million.
For its full year outlook, CNH expects agricultural equipment unit volume to be up 5 percent, while construction equipment unit volume is expected to be flat to down 5 percent.