CNH Global announced a 5-percent increase in net sales for the third quarter, to $4.8 billion compared to $4.6 billion in the third quarter a year ago, as global demand for agricultural equipment remained solid, driven by high commodity prices offsetting a severe drought in North America.
Construction equipment net sales of $830 million dropped 20.7 percent compared with $1.05 billion for the year-ago quarter. The decline was 14 percent on a constant currency basis as industry recovery slowed in every region. Latin America decreased 12 percent year over year in the quarter and the Asia Pacific market declined for the third consecutive quarter. Reduced commercial volumes and industrial capacity absorption and adverse currency impact resulted in a $15 million operating loss for the quarter.
CNH’s worldwide construction equipment market share was in line with the market in the third quarter, with gains in Latin America as a result of new product launches and good equipment availability. Case Construction Equipment introduced its new Tier 4A/Stage IIIB H Series rough-terrain forklifts and 570NXT tractor loaders in North America. In Latin America Case launched its 5.5-ton CX55B compact excavator, specifically designed for residential applications. Case Construction Equipment launched the SR Series skid-steer loaders in India.
CNH Global is based in Burr Ridge, Ill.