CNH construction revenues drop by a quarter
By Chris Sleight01 May 2013
CNH’s sales of construction equipment were down -26% in the first quarter of 2013, compared to the same period last year, to US$ 754 million. The company made a US$ 26 million operating loss, compared to a profit of US$ 34 million in the first quarter of 2012.
The company blamed weak markets around the world for its lower sales and revenues, saying demand for light equipment was -7% lower than a year ago, while the heavy sector was down -23% in unit terms.
CNH also added that its worldwide market share was unchanged over the three months, with gains in Latin America being offset with losses in North America and the Europe, Africa, Middle East and CIS regions.
The company’s forecast for the year is that construction equipment unit sales will be down between -5% and -10%.
As a group, CNH’s revenues for the first quarter were level with last year at US$ 4.7 billion. A +9% gain in agricultural equipment sales offset the fall in construction machinery sales, and the split for the quarter was 84% agricultural equipment to 16% construction.