eagle107
Gold Member
Guys,
FYI - CNH is doing well out there. The full article is below.
CNH Full Year 2011 Revenue Increases 25%; Operating Profit up 65%; EPS $3.82 - Yahoo! Finance
Below is an excerpt from the article.
BURR RIDGE, IL--(Marketwire -01/31/12)- CNH Global NV (NYSE: CNH - News)
CNH Global N.V. (NYSE: CNH - News) today announced financial results for the year ended December 31, 2011. For the year, net sales increased 25% (22% on a constant currency basis) to $18.1 billion as agricultural equipment markets continue to perform well across the Group's geographical portfolio, and as a result of the continued recovery in the construction equipment market segment. Equipment Operations posted an Operating Profit of $1.5 billion on the strength of higher demand, with resulting increases in plant utilization, a favorable mix and improved net pricing for agricultural equipment, partially offset by fourth quarter European engine stock-piling costs.
Net equipment sales for the year were 79% agricultural equipment and 21% construction equipment. The geographical distribution of revenue for the period was 42% North America, 32% EAME & CIS, 16% Latin America, and 10% APAC markets.
Year-to-date capital expenditures totaled $408 million, a 36% increase from the comparable prior period largely as a result of engine environmental compliance programs and new product launches in both the agricultural and construction equipment segments; 72% of the capital spend was on new products and production capacity in the period. Equipment Operations generated $1.1 billion of operating cash flow during the year as net sales levels and operating performance more than offset the increased net working capital needed to support business activity. CNH's Equipment Operations ended the period with a net cash position of $2.7 billion. The 30% effective tax rate for 2011 is lower than the Group's full year expectations of 32% to 38%, due primarily to the geographic mix of earnings that resulted in better utilization of the Group's tax attributes. The full year 2012 forecasted effective tax rate is between 32% and 35%.
Net income before restructuring and exceptional items for the year was $918 million as a result of improved top line and industrial operating performance, better results from the Group's unconsolidated subsidiaries and a lower comparable tax rate. This resulted in the Group generating a significant increase in diluted earnings per share to $3.82 (before restructuring and exceptional items) compared to $2.08 per share in 2010.
2012 Full Year Market Outlook
Demand in the agricultural and construction equipment markets is expected to remain positive for 2012. Agricultural equipment demand is projected to be flat to up 5% on the back of firm agricultural commodity prices and construction equipment demand is expected to continue its recovery with industry unit sales expected to be up 15 to 20%.
FYI - CNH is doing well out there. The full article is below.
CNH Full Year 2011 Revenue Increases 25%; Operating Profit up 65%; EPS $3.82 - Yahoo! Finance
Below is an excerpt from the article.
BURR RIDGE, IL--(Marketwire -01/31/12)- CNH Global NV (NYSE: CNH - News)
CNH Global N.V. (NYSE: CNH - News) today announced financial results for the year ended December 31, 2011. For the year, net sales increased 25% (22% on a constant currency basis) to $18.1 billion as agricultural equipment markets continue to perform well across the Group's geographical portfolio, and as a result of the continued recovery in the construction equipment market segment. Equipment Operations posted an Operating Profit of $1.5 billion on the strength of higher demand, with resulting increases in plant utilization, a favorable mix and improved net pricing for agricultural equipment, partially offset by fourth quarter European engine stock-piling costs.
Net equipment sales for the year were 79% agricultural equipment and 21% construction equipment. The geographical distribution of revenue for the period was 42% North America, 32% EAME & CIS, 16% Latin America, and 10% APAC markets.
Year-to-date capital expenditures totaled $408 million, a 36% increase from the comparable prior period largely as a result of engine environmental compliance programs and new product launches in both the agricultural and construction equipment segments; 72% of the capital spend was on new products and production capacity in the period. Equipment Operations generated $1.1 billion of operating cash flow during the year as net sales levels and operating performance more than offset the increased net working capital needed to support business activity. CNH's Equipment Operations ended the period with a net cash position of $2.7 billion. The 30% effective tax rate for 2011 is lower than the Group's full year expectations of 32% to 38%, due primarily to the geographic mix of earnings that resulted in better utilization of the Group's tax attributes. The full year 2012 forecasted effective tax rate is between 32% and 35%.
Net income before restructuring and exceptional items for the year was $918 million as a result of improved top line and industrial operating performance, better results from the Group's unconsolidated subsidiaries and a lower comparable tax rate. This resulted in the Group generating a significant increase in diluted earnings per share to $3.82 (before restructuring and exceptional items) compared to $2.08 per share in 2010.
2012 Full Year Market Outlook
Demand in the agricultural and construction equipment markets is expected to remain positive for 2012. Agricultural equipment demand is projected to be flat to up 5% on the back of firm agricultural commodity prices and construction equipment demand is expected to continue its recovery with industry unit sales expected to be up 15 to 20%.
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