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2025'03.16.Sun
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2007'02.04.Sun
CNH Reports Second Quarter 2006 Net Income of $147 million, up $33 million from the Second Quarter 2005
July 25, 2006

     - Strong retail demand for CNH products continues 

     - Equipment Operations gross margin up 2.7 percentage
points

     - Significant reduction in Equipment Operations net
debt

     - Full-year 2006 outlook unchanged, with an expected
range of diluted 
       EPS of $1.30 to $1.40 before restructuring


    LAKE FOREST, Ill., July 25 /Xinhua-PRNewswire/ -- CNH
Global N.V. (NYSE: CNH) today reported second quarter 2006
net income of $147 million, up 29% compared to net income
of $114 million in the second quarter of 2005. Results
include restructuring charges, net of tax, of $7 million in
the second quarter of 2006, and $4 million in the second
quarter of 2005. Second quarter diluted earnings per share
were $0.62, compared with $0.49 per share in 2005. Before
restructuring, net of tax, second quarter diluted earnings
were $0.65 per share, compared with $0.50 per share in
2005. 

    "CNH's renewed focus on customers and dealers is
delivering increasingly better results," said Harold
Boyanovsky, CNH president and chief executive officer.
"Our Equipment Operations gross margin improvement has
continued into the second quarter, up 2.7 percentage points
compared with last year, and we are firmly on track to meet
our targets for the year." 

    Highlights for the quarter included the following:

    -- CNH's agricultural equipment brands, Case IH and New
Holland introduced 
       five new products in the quarter, and its
construction equipment 
       brands, Case and New Holland Construction introduced
six new products.

    -- Pricing was higher than all economics and currency
related cost 
       increases, resulting in another quarter of positive
net recovery for 
       both Agricultural and Construction Equipment
Operations.  Pricing was 
       strongest in the Americas. 

    -- Manufacturing efficiencies generated additional
margin improvements by 
       lowering production costs.

    -- Research and development spending increased 25% from
the same period in 
       2005, reflecting CNH's investments in product
innovation and quality.

    -- Equipment Operations reduced net debt in the quarter
by $484 million, 
       to $137 million at June 30, 2006.  Positive cash
flow from operating 
       activities, including a $157 million reduction in
working capital, was 
       the principal contributor to the improvement.  

    -- Case IH's logo was prominently displayed on the nose
of the winning 
       Ferrari at the Indianapolis Formula One Grand Prix
race and at the 
       Grand Prix of Canada in Montreal, to the delight of
Case IH dealers and        
       customers throughout the world.

    EQUIPMENT OPERATIONS -- Second Quarter Financial
Results

    Net sales of equipment, comprising the company's
agricultural and construction equipment businesses, were
$3.5 billion for 2006, compared to $3.4 billion for the
same period in 2005.  Net of currency variations, net sales
increased by 2% over the prior year.

    Agricultural Equipment Net Sales

    -- Agricultural equipment net sales were $2.3 billion,
down 1% from the 
       prior year and down 2% excluding currency
variations.

    -- Excluding currency variations, sales in Latin
America were up 16%, 
       sales in Rest-of-World markets were up 8%, and in
Western Europe up 2%.  
       Excluding currency variations, sales in North
America declined by 9%, 
       in line with the company's actions to reduce working
capital by under-
       producing retail unit sales of major agricultural
products by 15%, to 
       reduce inventories in a declining industry
environment.

    -- Case IH introduced the new JX95 Straddle version
utility tractor in 
       North America, the Patriot 350-200 cv sprayer and
the 2399 Extreme 
       combine in Latin America.

    -- New Holland won the prestigious National Agri
Marketing Association 
       "Best of NAMA" award for its brand
campaign. In North America, New 
       Holland introduced two new models of higher
horsepower Class II 
       Boomer(TM) Compact Tractors (under-40 horsepower),
two field sprayers 
       and a new air hoe drill.  

    -- Total retail unit sales of CNH's agricultural
tractors and combines 
       increased by approximately 7% compared to last year.
 Worldwide 
       production of agricultural tractors and combines was
approximately 4% 
       lower than retail, following the company's normal
seasonal pattern to 
       decrease company and dealer inventories during the
spring selling 
       season.

    Construction Equipment Net Sales

    -- Net sales of construction equipment were
approximately $1.2 billion, an 
       increase of 12% compared to approximately $1.1
billion last year, and 
       up 11% excluding currency variations.

    -- Excluding currency variations, sales in Latin
America were up 51% and 
       in Rest-of-World markets up 17%.  Sales were up 11%
in Western Europe 
       and up 4% in North America.

    -- In North America, Case Construction Equipment
introduced two new models 
       of Compact Track Loaders, smaller-sized machines
that round out the 
       line launched in 2005. Debuting in the second half
will be a new Tier 3 
       compliant excavator, two models of wheel loaders,
three models of 
       crawler dozers and two new articulated trucks. In
Europe, during the 
       quarter, Case launched the CX700 hydraulic
excavator, a direct response 
       to customer requests for a high-production
heavy-duty machine between 
       the existing CX460 and CX800 models. 

    -- Looking to the second half of 2006, pilot control
options will be 
       available on New Holland Construction skid steer
loaders and compact 
       track loaders, and three new wheel loader models are
scheduled to be 
       launched to the public.

    -- While total retail unit sales of CNH's major
construction equipment 
       products increased by approximately 8% compared to
last year, worldwide 
       production was substantially the same as in 2005.

    Gross Margin

    Equipment Operations gross margin (defined as net sales
of equipment less cost of goods sold) for agricultural and
construction equipment was $686 million, up 20% compared to
$574 million last year. As a percent of net sales, gross
margin was 19.6%, up 2.7 percentage points from 2005.

    -- Agricultural equipment gross margin increased in
both dollars and as a 
       percent of net sales compared to the prior year. 
The improvement was 
       explained by positive price recovery and increased
manufacturing 
       efficiencies, which more than offset the impact of
company actions to 
       reduce dealer and company inventories. 

    -- Construction equipment gross margin also increased
in both dollars and 
       as a percent of net sales.  Positive price recovery,
better volume and 
       mix and manufacturing efficiencies contributed to
the improvement.   

    Industrial Operating Margin

    Equipment Operations industrial operating margin
(defined as net sales of equipment, less cost of goods
sold, SG&A and R&D costs) was $324 million, or 9.3%
of net sales, up 31% compared to $248 million or 7.3% of net
sales in 2005.  The improvement was driven by the higher
gross margin, noted above.  Increased investments in
SG&A and in R&D to increase product innovation by
brand and to improve product quality were partial offsets. 


    Adjusted EBITDA

    Adjusted EBITDA for Equipment Operations (defined as
net income excluding net interest expense, income tax
provision (benefit), depreciation and amortization and
restructuring) was $329 million, or 9.4% of net sales, up
20% compared to $274 million in 2005, or 8.1% of net sales.
 Interest coverage, on a last 12 months basis (defined as
adjusted EBITDA for the past 12 months divided by net
interest expense for the past 12 months) was 4.3 times for
the period ended June 30, 2006, compared with 3.1 times for
the similar period ended June 30, 2005.

    FINANCIAL SERVICES -- Second Quarter Financial Results

    Financial Services operations reported net income of
$49 million, up 11% compared to $44 million last year,
reflecting the impact of higher balances of receivables
under management. Financial Services recorded higher credit
losses than in 2005, primarily related to its agricultural
equipment receivables in Brazil.

    CNH Year-to-Date Financial Results

    CNH's net income for the first six months was $190
million, up 47% compared to $129 million for 2005.  Results
include restructuring charges, net of tax, of $10 million in
2006, and $8 million in 2005.  First half diluted earnings
per share were up 47% to $0.81, compared to $0.55 per share
in 2005.   Before restructuring, net of tax, diluted
earnings per share were $0.85, compared with $0.58 per
share in 2005.

    EQUIPMENT OPERATIONS -- Year-to-Date Financial Results

    Net sales of equipment, comprising the company's
agricultural and construction equipment businesses, were
$6.4 billion, compared to $6.2 billion in 2005.  Net of
currency variations, net sales increased by 4% over the
prior year.

    Adjusted EBITDA for Equipment Operations was $486
million, or 7.5% of net sales, up 20% compared to $404
million in 2005, or 6.5% of net sales.  

    FINANCIAL SERVICES -- Year-to-Date Financial Results

    Financial Services operations reported first half 2006
net income of $101 million, up 9% compared to $93 million
last year, reflecting the impact of higher balances of
receivables under management. Financial Services recorded
higher credit losses than in 2005, primarily related to its
agricultural equipment receivables in Brazil.

    NET DEBT AND OPERATING CASH FLOW

    Equipment Operations Net Debt (defined as total debt
less cash and cash equivalents, deposits in Fiat affiliates
cash management pools and intersegment notes receivables)
was $137 million at June 30, 2006, compared to $719 million
at December 31, 2005 and $824 million at June 30, 2005.  Net
debt to net capitalization was 2.5% at June 30, 2006, down
from 12.5% at December 31, 2005. As of June 30, 2006, CNH
had 235.7 million common shares outstanding. 
 
    In the quarter, net debt decreased principally because
of $582 million of cash generated by operating activities,
including positive net income and reduced working capital.
Working capital (defined as accounts and notes receivable,
excluding inter-segment notes receivable, plus inventories
less accounts payables), net of currency variations,
decreased by approximately $157 million in the quarter.  At
incurred currency rates, working capital at June 30, 2006
was $2.1 billion, substantially unchanged from December 31,
2005 and down more than $300 million from June 30, 2005.

    On June 20, CNH's wholly owned subsidiary, Case New
Holland, Inc. commenced an exchange offer for its recently
issued 7.125% Senior Notes due 2014, for 7.125% Senior
Notes due 2014 that have been registered under the
Securities Act of 1933, as amended.  The exchange offer,
initially set to expire on July 21, 2006, has been extended
until July 26, 2006.  Any original notes not tendered prior
to the expiration of the exchange offer will remain
unregistered securities, subject to the conditions of the
144A market.  

    Financial Services Net Debt  increased by approximately
$973 million to $5.0 billion at June 30, 2006 from March 31,
2006, reflecting increases in the receivables portfolio,
mostly in North America.

    AGRICULTURAL EQUIPMENT MARKET OUTLOOK FOR FULL YEAR
2006

    CNH believes that worldwide industry unit retail sales
of agricultural tractors will be 5 to 10% higher than in
2005, driven by an expected 20 to 25% increase in
Rest-of-World markets.  Industry unit retail sales of
under-40 horsepower tractors in North America are expected
to be approximately the same as in 2005.  Sales of over-40
horsepower tractors in North America also are expected to
remain the same or slightly higher than in 2005, but with
industry sales of  40 to 100 horsepower tractors up
slightly and sales of over 100 horsepower tractors down.
Agricultural tractor markets in Western Europe and Latin
America could be down as much as 5%.

    Worldwide industry unit retail sales of combine
harvesters may be down 5 to 10%.  North American, Western
European and Rest-of-World markets could be down as much as
5%.  Industry sales in Latin America are expected to be down
35 to 40%.  

    CONSTRUCTION EQUIPMENT MARKET OUTLOOK FOR FULL YEAR
2006

    CNH believes that worldwide industry unit retail sales
of construction equipment will be stronger than in 2005.
Worldwide industry sales of heavy construction equipment
are expected to increase about 10%, led by increases of 10%
in North America and 10 to 15% in Rest-of-World markets. 
Industry unit sales in Western Europe and in Latin America
could be up as much as 5% compared with 2005. 

    Worldwide industry unit retail sales of light
construction equipment could be up 5 to 10%, with Western
Europe up 5 to 10% and Latin American and Rest-of-World
markets up 10 to 15%. In North America, industry sales are
expected to be up as much as 5% compared with full year
2005.

    CNH OUTLOOK FOR FULL YEAR 2006

    CNH expects its net sales of equipment to increase in
the range of 2 to 5%. Continuing pricing and margin
improvement initiatives at Equipment Operations will drive
better results. Profitability at Financial Services is
expected to be up slightly.  Results of CNH's joint
ventures are expected to better than in 2005. The benefit
of this improvement at Equipment Operations will be
partially offset by an increase in CNH's effective tax
rate, as previously stated.

    CNH anticipates that 2006 diluted earnings per share,
before restructuring, net of tax, should be in the range of
$1.30 to $1.40, compared with $0.95 per share for 2005.

    Full-year restructuring costs, net of tax, are expected
to be slightly higher than in 2005, as CNH recognizes the
balance of the costs related to the planned manufacturing
rationalization in Europe.
 
    The company's previously announced $120 million
contribution to its U.S. defined benefit pension plan was
made in April, 2006. After considering this contribution,
Equipment Operations now expects slightly better cash
generation from working capital reductions during the year,
and to reduce its net debt by approximately $400 million, as
compared with year-end 2005 levels.

    CNH management will hold a conference call later today
to review its second quarter results. The conference call
Webcast will begin at approximately 8:30 a.m. U.S. Central
Time; 9:30 a.m. U.S. Eastern Time. This call can be
accessed through the investor information section of the
company's Web site at http://www.cnh.com and is being
carried by CCBN. 

    CNH Case New Holland, a majority-owned subsidiary of
Fiat S.p.A. (FIA.MI; NYSE: FIA), is a world leader in the
agricultural and construction equipment businesses.
Supported by more than 11,000 dealers in 160 countries, CNH
brings together the knowledge and heritage of its Case and
New Holland brand families with the strength and resources
of its worldwide commercial, industrial, product support
and finance organizations. CNH Global N.V. stock is listed
at the New York Stock Exchange (NYSE: CNH). More
information about CNH and its Case and New Holland products
can be found online at http://www.cnh.com . 

    Forward looking statements. This press release includes
"forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact
contained in this press release, including statements
regarding our competitive strengths, business strategy,
future financial position, budgets, projected costs and
plans and objectives of management, are forward-looking
statements. These statements may include terminology such
as "may," "will," "expect,",
"could", "should," "intend,"
"estimate," "anticipate,"
"believe," "outlook,"
"continue," "remain," "on
track," "goal," or similar terminology.

    Our outlook is predominantly based on our
interpretation of what we consider key economic assumptions
and involves risks and uncertainties that could cause actual
results to differ. Crop production and commodity prices are
strongly affected by weather and can fluctuate
significantly. Housing starts and other construction
activity are sensitive to interest rates and government
spending. Some of the other significant factors for us
include general economic and capital market conditions, the
cyclical nature of our business, customer buying patterns
and preferences, foreign currency exchange rate movements,
our hedging practices, our and our customers' access to
credit, actions by rating agencies concerning the ratings
on our debt and asset backed securities and the ratings of
Fiat S.p.A., risks related to our relationship with Fiat
S.p.A., political uncertainty and civil unrest or war in
various areas of the world, pricing, product initiatives
and other actions taken by competitors, disruptions in
production capacity, excess inventory levels, the effect of
changes in laws and regulations (including government
subsidies and international trade regulations),
technological difficulties, results of our research and
development activities, changes in environmental laws,
employee and labor relations, pension and health care
costs, relations with and the financial strength of
dealers, the cost and availability of supplies from our
suppliers, raw material costs and availability, energy
prices, real estate values, animal diseases, crop pests,
harvest yields, government farm programs and consumer
confidence, housing starts and construction activity,
concerns related to modified organisms and fuel and
fertilizer costs. Additionally, our achievement of the
anticipated benefits of our profit improvement initiatives
depends upon, among other things, industry volumes as well
as our ability to effectively rationalize our operations
and to execute our brand strategy. Further information
concerning factors that could significantly affect expected
results is included in our Form 20-F for the year ended
December 31, 2005.

    We can give no assurance that the expectations
reflected in our forward-looking statements will prove to
be correct. Our actual results could differ materially from
those anticipated in these forward-looking statements. All
written and oral forward-looking statements attributable to
us are expressly qualified in their entirety by the factors
we disclose that could cause our actual results to differ
materially from our expectations. We undertake no
obligation to update or revise publicly any forward-looking
statements.


    CNH Global N.V.
    Estimates of Worldwide Retail Industry Unit Sales
Performance(1)

                             Worldwide    N.A.      W.E.   
 L.A.      ROW
                             '06 B(W)  '06 B(W)  '06 B(W) 
'06 B(W)  '06 B(W)

    First Quarter 2006 Industry Unit Sales Revised Estimate
Compared with     
    First Quarter 2005 Actual
    Agricultural Equipment:
    Agricultural Tractors:
     - Under 40 horsepower      n/a        6%       n/a    
  n/a       n/a
     - Over 40 horsepower       n/a        4%       n/a    
  n/a       n/a
    Total Tractors              21%        5%        2%    
  (7)%      50%
    Combine Harvesters         (9)%        9%      (8)%    
 (37)%      13%
    Total Tractors and 
     Combines                   20%        5%        2%    
 (11)%      49%
    
    Construction Equipment:
    Light Construction Equipment:
    Tractor Loaders & Backhoes   5%      (1)%     (15)%
       21%      23%
    Skid Steer Loaders           6%        2%        3%    
   67%      23%
    Other Light Equipment       22%       48%       14%    
   78%      19%
    Total Light Equipment       15%       15%       10%    
   33%      20%
    Total Heavy Equipment       20%       25%        4%    
   28%      25%
    Total Light & Heavy 
     Equipment                  17%       18%        8%    
   31%      23%

    Second Quarter 2006 Industry Unit Sales Preliminary
Estimate Compared 
    with Second Quarter 2005 Actual
    Agricultural Equipment:
    Agricultural Tractors:
     - Under 40 horsepower      n/a       (2)%      n/a    
   n/a      n/a
     - Over 40 horsepower       n/a       (3)%      n/a    
   n/a      n/a
    Total Tractors              10%       (3)%     (3)%    
  (7)%      37%
    Combine Harvesters         (3)%       (2)%     (2)%    
 (46)%       8%
    Total Tractors and 
     Combines                   10%       (3)%     (3)%    
  (9)%      36%
    
    Construction Equipment:
    Light Construction Equipment:
    Tractor Loaders & 
     Backhoes                  (2)%      (16)%    (15)%    
   43%      17%
    Skid Steer Loaders         (5)%      (10)%       3%    
    5%      10%
    Other Light Equipment       15%        23%       9%    
   23%      18%
    Total Light Equipment        6%       (1)%       6%    
   31%      16%
    Total Heavy Equipment        6%       (1)%       4%    
    6%      13%
    Total Light & Heavy 
     Equipment                   6%       (1)%       5%    
   17%      14%

    2nd Half 2006 Industry Unit Sales Forecast Compared
with 2nd Half 2005 
    Actual
    Agricultural Equipment:            
    Agricultural Tractors       0-5%      0-5%     (0-5)%  
   0-5%    5-10% 
    Combine Harvesters        (10-15)%  (5-10)%    (0-5)%  
  ~(35)% (20-25)% 
     
    Construction Equipment:            
    Total Light Equipment        ~5%      0-5%      5-10%  
  (0-5)%   5-10% 
    Total Heavy Equipment        5-10%   10-15%      ~5%   
  ~(10)%   5-10% 

    Full Year 2006 Industry Unit Sales Forecast Compared
with Full Year 2005  
    Estimated Actual
    Agricultural Equipment:            
    Agricultural Tractors        5-10%    FLAT     (0-5)%  
  (0-5)%  20-25% 
    Combine Harvesters          (5-10)%  (0-5)%    (0-5)%  
 (35-40)% (0-5)% 
     
    Construction Equipment:            
    Total Light Equipment        5-10%    0-5%      5-10%  
  10-15%  10-15% 
    Total Heavy Equipment         ~10%    ~10%       0-5%  
   0-5%   10-15% 
 
    (1)  Excluding India


                                 CNH GLOBAL N.V.
                      CONSOLIDATED SELECTED FINANCIAL DATA
                        (Millions, except per share data)
                                   (Unaudited)
    
                                              June 30,     
  December 31,
                                                2006       
      2005
    
    BALANCE SHEETS
    
    Total assets                              $18,777      
    $17,318
    Short-term debt                            $1,638      
     $1,522
    Long-term debt, including current    
     maturities                                $5,163      
     $4,765
    Total liabilities                         $13,441      
    $12,266
    Shareholders' equity                       $5,336      
     $5,052


                                       Three Months Ended  
Six Months Ended
                                             June 30,      
    June 30,
                                         2006      2005    
2006      2005
    INCOME STATEMENTS
    
    Revenues:
      Net sales                         $3,497   $3,394   
$6,447    $6,217
      Finance and interest income 
       and other                           207      177    
  418       357
           Total                        $3,704   $3,571   
$6,865    $6,574
    Net income                            $147     $114    
 $190      $129
    Per share data:
      Basic earnings per share           $0.62    $0.58    
$1.00     $0.64
      Diluted earnings per share         $0.62    $0.49    
$0.81     $0.55
      Dividends per share                $0.25    $0.25    
$0.25     $0.25


    STATEMENTS OF CASH FLOWS
    
    Net cash from operating activities                     
 $206     $(120)
    Net cash from investing activities                     
 (556)      (78)
    Net cash from financing activities                     
  161       107
    Other, net                                             
   38         3
    Increase (decrease) in cash and cash 
     equivalents                                           
 (151)      (88)
    Cash and cash equivalents, beginning 
     of period                                             
1,245       931
    Cash and cash equivalents, end of    
     period                                               
$1,094      $843
    
    Note:
    For a complete set of CNH's condensed consolidated
financial statements,  
    please go to http://www.cnh.com .

    For more information, please contact:

     Thomas Witom
     News and Information
     CNH Global N.V.
     Tel:   +1-847-955-3939

     Albert Trefts, Jr.
     Investor Relations
     CNH Global N.V.
     Tel:   +1-847-955-3821

SOURCE  CNH Global N.V.

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