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CNH Second Quarter 2011 Revenue Increases 24%; Operating Profit up 58%

BURR RIDGE, IL, Jul 25, 2011 (MARKETWIRE via COMTEX) --

CNH Global N.V. (NYSE: CNH)

--  Net Sales increase 24% to $4.9 billion
    --  Agricultural equipment +22% to $3.9 billion
    --  Construction equipment +30% to $1 billion
--  Equipment Operations Operating Profit of $521 million, an increase of
    58%
    --  Operating Margin increased to 10.7% compared to 8.4% in Q2 2010
--  EPS before exceptional items at $1.33 per share, compared to $0.59 per
    share in 2010

                                               Quarter Ended
                                        --------------------------
                                          6/30/2011     6/30/2010   Change
                                        ------------  ---------------------
                  (US $ in millions, except per share data and percentages)
Net Sales of Equipment                  $      4,881  $      3,938       24%
Equipment Operations Operating Profit   $        521  $        330       58%
Equipment Operations Operating Margin           10.7%          8.4% 2.3 pts
Financial Services Net Income           $         52  $         33       58%
Net Income Attributable to CNH          $        320  $        144      122%
Net Income Before Restructuring and
 Exceptional Items                      $        320  $        140      129%
Diluted EPS Before Restructuring and
 Exceptional Items                      $       1.33  $       0.59      125%



CNH Global N.V. (NYSE: CNH) today announced financial results for the quarter ended June 30, 2011. For the quarter, net sales increased 24% (18% on a constant currency basis) to $4.9 billion as a result of favorable trading conditions for agricultural equipment, as well as higher comparative construction equipment demand in every region. Equipment Operations posted an Operating Profit of $521 million as a result of higher revenues, increased industrial utilization and improved product pricing.

Net equipment sales for the quarter were 79% agricultural equipment and 21% construction equipment. The geographical distribution of revenue for the period was 42% North America, 35% EAME & CIS, 15% Latin America, and 8% APAC markets.

Year to date capital expenditures totaled $126 million, a 40% increase from the comparable prior period largely as a result of new product launches in both the agricultural and construction equipment segments; 71% of the capital spend was on new products and production capacity in the period. Equipment Operations generated $232 million of operating cash flow during the first six months of 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 $2.4 billion. The 34% effective tax rate for the second quarter of 2011 (49% second quarter of 2010) is within the Group's full year expectations of 32% to 38%.

Net income before restructuring and exceptional items for the quarter was $320 million as a result of improved top line and industrial operating performance, improved results from the Group's unconsolidated subsidiaries, and a lower tax rate. This resulted in the Group generating a significant increase in diluted earnings per share to $1.33 (before restructuring and exceptional items) compared to $0.59 per share in the comparable period of 2010.

On April 26, CNH announced its plans to set up a local manufacturing site in Cordoba, Argentina for the production of combines and tractors for the Latin American market. The initial investment of over $100 million will include the launch of new, localized product lines and the expansion of the Fiat Industrial complex in Cordoba.

2011 Full Year Market Outlook Demand in the agricultural and construction equipment markets is expected to remain firm for the balance of 2011 on the back of a positive environment in agricultural commodity prices and the consequent increase in planting and farming income estimates. Further, the environment for construction equipment continues to improve.

FY 2011 World Wide Unit Growth Forecast Agricultural equipment demand up 5% to 10% Construction equipment demand up 25% to 30%

2011 CNH Earnings Outlook: On the back of the year to date operating performance, and in view of the outlook for its markets for the balance of 2011, the CNH Group is upgrading its full year financial targets as follows: full year revenue growth of 15-20% and an operating margin at the upper end of its previously disclosed range of 7.1% to 7.9%.

SEGMENT RESULTS Agricultural Equipment

                                         Quarter Ended
                                ------------------------------
                                   6/30/2011       6/30/2010       Change
                                -------------------------------------------
                                     (US $ in millions, except percentages)
Net Sales of Equipment          $        3,851  $        3,148           22%
Gross Profit                    $          850  $          644           32%
Gross Margin                              22.1%           20.5%     1.6 pts
Operating Profit                $          496  $          317           56%
Operating Margin                          12.9%           10.1%     2.8 pts



Agricultural Equipment Industry and Market Worldwide agricultural industry unit sales increased 13% compared to the second quarter of 2010. Global tractor sales grew 13% while global combine sales grew 17% for the quarter. North American tractor sales were down 3%, with the high horsepower 4WD class up 1%, and combine sales were down 14%, partially offsetting the strong market growth of the first quarter, and maintaining a 7% growth on a year to date basis. Latin America sales of tractors decreased 5% and combine sales increased 58%. EAME & CIS markets improved for the quarter, with tractor and combine sales up 30%. APAC markets were up 15% in tractor sales and flat in combine sales.

CNH Agricultural Equipment Second Quarter Results CNH's net sales in the agricultural equipment sector increased 22% for the quarter (16% on a constant currency basis) as a result of solid trading conditions in every region. Net sales in the EAME & CIS markets continued their positive growth trajectory with comparative reported revenue up 40% on the back of firm demand across all product segments. As a result of this increased unit volume in Europe and the CIS, comparative industrial capacity utilization increased driving positive cost absorption. This benefit coupled with improved price realization and favorable product mix (to larger horsepower tractor and combine segments) resulted in a 2.8 percentage point increase in comparative operating margin to 12.9% for the period.

Second quarter tractor market share performance was in line with the overall market growth as a result of a positive performance in Europe, and in the important over 40 hp segment in North America driven by very good market response to the introduction of high horsepower tractors and combines equipped with the FPT Selective Catalytic Reduction (SCR) Tier 4A/Stage IIIB engines delivering increased power and reduced fuel consumption and overall operating costs compared to equivalent CNH Tier 3 equipment. Combine market share recovered in the second quarter in the North American and EAME & CIS regions. Industrial production and retail sales were closely aligned during the period with resulting company and dealer inventory levels remaining largely unchanged.

In Latin America, New Holland Agriculture launched the new CR6080, the only class 6 combine manufactured in Brazil, equipped with a 300 hp engine, a 9,000 liters grain tank and the segment's largest cab. The brand also introduced the new T8 tractor range, from 273 to 389 hp, the industry's highest horsepower tractors produced in Brazil, focused on cash grain and sugar cane business and equipped with the SideWinder II armrest with fully integrated ergonomic controls for precision farming solutions, as well as the TL Exitus tractor ideal for spraying applications. The New Holland product offering has been expanded by the new SP3500 sprayer. In Europe the brand introduced a new hydraulic Powershuttle transmission on the TD5000 tractor, ideal for loader work and for fast directional changes.

In North America, Case IH began shipments of Tier 4A/Stage IIIB compliant Steiger/Quadrac 550-600 hp series tractors with best-in-class fuel efficiency and hydraulic flow, as well as the Module Express 635 Cotton Picker now equipped with a 400 hp engine. In addition, Case IH sugar cane harvesters were honored with the 'Top of Mind' award by the Brazilian trade publication Revista Rural. In Europe, the Steyr Tractor brand launched the Kompakt S series, while Case IH launched the AFS Pro model 700 monitors in all EfficientPower tractor models.

The Case IH Puma CVX EP and the New Holland T8.390 are two of the finalists for the 'Tractor of the Year 2012' award assigned by a panel of industry magazines representing 20 European countries.

Construction Equipment

                                         Quarter Ended
                                ------------------------------
                                   6/30/2011       6/30/2010      Change
                                -------------------------------------------
                                     (US $ in millions, except percentages)
Net Sales of Equipment          $        1,030  $          790           30%
Gross Profit                    $          138  $          117           18%
Gross Margin                              13.4%           14.8%    -1.4 pts
Operating Profit                $           25  $           13           92%
Operating Margin                           2.4%            1.6%     0.8 pts



Construction Equipment Industry and Market Global construction equipment industry unit sales rose 24% in the second quarter compared to the prior year, with light equipment up 29% and heavy equipment up 20%. North American demand was up 37%, for both light and heavy equipment. EAME & CIS markets rose 33% as the industry continued to rebuild from the prior year's low levels. In Latin America, the market was up 27%, driven by strong demand from projects in both the public and private sectors. Industry sales in APAC markets grew 16%.

CNH Construction Equipment Second Quarter Results Second quarter 2011 net sales in the construction equipment sector grew 30% (24% on a constant currency basis) as a result of market improvements in every region and in particular in the North American market. Operating profit improved 92% for the quarter to $25 million as a result of unit demand of newly launched products in the light and heavy equipment segments, increased industrial utilization, and positive comparative pricing. This positive performance was more than enough to offset the impact of tight supply conditions of Japanese supplied components and wholegoods during the quarter negatively impacting equipment availability and industrial efficiency. The Group expects that this situation will improve over the balance of the year.

Second quarter market share was down in light equipment due to low inventory levels as a result of slower than expected introduction of new key products started in the previous quarters. In the month of June, retail sales of these new products have increased and the Company believes that this trend will continue in the second half of the year leading to a more normalized share position. The Company maintained its market share in the heavy equipment segment.

Company and dealer inventories ended the period higher than in the first quarter as production rates of newly launched products continued to improve allowing the company to begin to restock the dealer network from low levels in the first quarter.

During the second quarter of 2011 Case Construction launched the new locally manufactured B-series motor graders in the Latin American markets. In North America the Case 850L crawler dozer, the Case 580M loader/backhoe, the Case 440 Series 3 skid steer loader and the Case 621E wheel loader were recognized as "Contractor's Choice" machines for 2011 by Road & Bridges magazine.

New Holland Construction launched its new 200 Series of skid steer loaders (SSL) and compact track loaders (CTL), for a total of nine SSL and three CTL in the African, Middle East and CIS markets. The 200 Series features both radial-lift and vertical-lift models to better satisfy contractors' needs.

CNH Financial Services Second Quarter Results

                                             Quarter Ended
                                   ----------------------------------
                                       6/30/2011        6/30/2010    Change
                                   ----------------------------------------
                                     (US $ in millions, except percentages)
Net Income                         $             52 $             33     58%
On-Book Asset Portfolio            $         15,642 $         14,519      8%
Managed Asset Portfolio            $         18,449 $         16,998      9%



Net Income attributable to Financial Services was $52 million for the quarter, compared with $33 million in the comparable period of 2010. Financial Services generated improved financial margins on a higher average portfolio as a result of increased industrial unit sales and improved funding costs. Risk cost provisions were lower as past due amounts continued to decline.

Compared to December 31, 2010, delinquent receivables greater than 30 days past due amounts declined to 4.5% of the total managed portfolio, an improvement of 0.7 percentage points. Past dues have improved 1.5 percentage points compared to June 30, 2010.

Unconsolidated Equipment Operations' Subsidiaries Second quarter results for the Group's unconsolidated Equipment Operations' subsidiaries improved to $35 million compared with $21 million in the comparable period of 2010. The major contributors were Turk Tractor (Turkey), Al Ghazi (Pakistan), and the Group's two joint ventures in Japan.

Equipment Operations Cash Flow and Net Debt

                                                     Year to Date
                                          ---------------------------------
                                             6/30/2011         6/30/2010
                                          ---------------------------------
                                                  (US $ in millions)
Net Income                                $           464  $            149
Depreciation & Amortization                           155               137
Cash Change in Working Capital*                      (496)              478
Other                                                 109               507
                                          ---------------  ----------------
Net Cash (Used) Provided by Operating
 Activities                                           232             1,271
Net Cash (Used) by Investing Activities**            (177)              (84)
All Other                                             164                53
                                          ---------------  ----------------
Increase/(Decrease) in Net (Cash)         $           219  $          1,240
                                          ---------------  ----------------
Net (Cash)                                $        (2,414) $         (1,770)


* Net cash change in receivables, inventories and payables including inter-segment receivables and payables. ** Excluding Net (Deposits In)/Withdrawals from Fiat or Fiat Industrial Cash Management Systems, as they are a part of Net (Cash).

ABOUT CNH CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in approximately 170 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., whose stock is listed at the New York Stock Exchange (NYSE: CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

CNH CONFERENCE CALL AND WEBCAST CNH management will hold a conference call on July 25, 2011 to review second quarter 2011 results. The conference call webcast will begin at 9:00 a.m. U.S. Central Daylight Savings Time; 10:00 a.m. U.S. Eastern Daylight Savings Time. This call can be accessed through the investor information section of the company's website at www.cnh.com and will be transmitted by CCBN.

NON-GAAP MEASURES CNH utilizes various figures that are "Non-GAAP Financial Measures" as this term is defined under Regulation G as promulgated by the SEC. In accordance with Regulation G, CNH has detailed either the computation of these measures from multiple U.S. GAAP figures or reconciled these non-GAAP financial measures to the most relevant U.S. GAAP equivalent in the accompanying tables to this press release. Some of these measures do not have standardized meanings and investors should consider that the methodology applied in calculating such measures may differ among companies and analysts. CNH's management believes these non-GAAP measures provide useful supplementary information to investors in order that they may evaluate CNH's financial performance using the same measures used by our management. These non-GAAP financial measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with U.S. GAAP.

CNH defines "Equipment Operations Gross Profit" as net sales of equipment less costs classified as cost of goods sold. CNH defines "Equipment Operations Operating Profit" as gross profit less costs classified as selling, general and administrative and research and development costs. CNH defines "Equipment Operations Gross Margin" as gross profit as a percent of net sales of equipment. CNH defines "Equipment Operations Operating Margin" as operating profit as a percent of net sales of equipment. "Net Debt (Cash)" is defined as total debt (including intersegment debt) less cash and cash equivalents, deposits in Fiat or Fiat Industrial affiliates cash management system and intersegment notes receivable. CNH defines "Net income (loss) and diluted EPS before restructuring and exceptional items" as Net income (loss) attributable to CNH, less restructuring charges and exceptional items, after tax. Equipment Operations "working capital" is defined as accounts and notes receivable and other-net, excluding intersegment notes receivables, plus inventories less accounts payable. The U.S. dollar computation of cash generated from working capital, as defined, is impacted by the effect of foreign currency translation and other non-cash transactions. CNH defines the "change in net sales on a constant currency basis" as the difference between prior year actual net sales and current year net sales translated at prior year average exchange rates. Elimination of the currency translation effect provides constant comparisons without the distortion of currency rate fluctuations.

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, operating results, 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 the availability of credit and to interest rates and government spending. Some of the other significant factors which may affect our results 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 customers' access to credit, restrictive covenants in our debt agreements, actions by rating agencies concerning the ratings of our debt securities and asset backed securities, risks related to our relationship with Fiat Industrial S.p.A., the effect of the demerger transaction consummated by Fiat S.p.A. pursuant to which CNH was separated from Fiat S.p.A.'s automotive business and has become a subsidiary of Fiat Industrial S.p.A, political uncertainty and civil unrest or war in various areas of the world, pricing, product initiatives and other actions by competitors, disruptions in production capacity, excess inventory levels, the effect of changes in laws and regulations (including those related to tax, healthcare, retiree benefits, government subsidies and international trade), the results of legal proceedings, 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 and critical suppliers, 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 margin 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 annual report on Form 20-F for the year ended December 31, 2010.

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.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                        AND SUPPLEMENTAL INFORMATION
              For the Three Months Ended June 30, 2011 and 2010
                                 (Unaudited)

                                               Equipment        Financial
                           Consolidated       Operations         Services
                         ----------------  ----------------  ---------------
                           Three Months      Three Months      Three Months
                          Ended June 30,    Ended June 30,    Ended June 30,
                         ----------------  ----------------  ---------------
                           2011     2010     2011     2010     2011    2010
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)
Revenues:
  Net sales              $ 4,881  $ 3,938  $ 4,881  $ 3,938  $    -- $    --
  Finance and interest
   income                    284      273       44       33      353     343
                         -------  -------  -------  -------  ------- -------
                           5,165    4,211    4,925    3,971      353     343
                         -------  -------  -------  -------  ------- -------

Costs and Expenses:
  Cost of goods sold       3,893    3,177    3,893    3,177       --      --
  Selling, general and
   administrative            455      431      342      319      113     112
  Research, development
   and engineering           125      112      125      112       --      --
  Interest expense           203      190      100       78      140     151
  Interest compensation
   to Financial Services      --       --       76       64       --      --
  Other, net                  67       73       41       39       26      34
                         -------  -------  -------  -------  ------- -------
 Total                     4,743    3,983    4,577    3,789      279     297
                         -------  -------  -------  -------  ------- -------

 Income before income
  taxes and equity in
  income of
  unconsolidated
  subsidiaries and
  affiliates                 422      228      348      182       74      46
Income tax provision         142      111      116       96       26      15
Equity in income of
 unconsolidated
 subsidiaries and
 affiliates:
  Financial Services           4        2       52       33        4       2
  Equipment Operations        35       21       35       21       --      --
                         -------  -------  -------  -------  ------- -------
 Net income                  319      140      319      140       52      33
Net loss attributable to
 noncontrolling
 interests                    (1)      (4)      (1)      (4)      --      --
                         -------  -------  -------  -------  ------- -------
 Net income attributable
  to CNH Global N.V.     $   320  $   144  $   320  $   144  $    52 $    33
                         =======  =======  =======  =======  ======= =======



Weighted average shares
 outstanding:
  Basic                      240      238
                         =======  =======
  Diluted                    241      238
                         =======  =======

Basic and diluted
 earnings per share
 ("EPS") attributable to
 CNH Global N.V. common
 shareholders:
  Basic EPS              $  1.34  $  0.60
                         =======  =======
  Diluted EPS            $  1.33  $  0.60
                         =======  =======




These Condensed Consolidated Statements of Operations should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2010.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.

                               CNH GLOBAL N.V.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                        AND SUPPLEMENTAL INFORMATION
               For the Six Months Ended June 30, 2011 and 2010
                                 (Unaudited)

                                               Equipment        Financial
                           Consolidated       Operations         Services
                         ----------------  ----------------  ---------------
                         Six Months Ended  Six Months Ended     Six Months
                             June 30,          June 30,       Ended June 30,
                         ----------------  ----------------  ---------------
                           2011     2010     2011     2010     2011    2010
                         -------  -------  -------  -------  ------- -------
                                 (in millions, except per share data)
Revenues:
  Net sales              $ 8,678  $ 7,175  $ 8,678  $ 7,175  $    -- $    --
  Finance and interest
   income                    569      556       88       62      692     683
                         -------  -------  -------  -------  ------- -------
                           9,247    7,731    8,766    7,237      692     683
                         -------  -------  -------  -------  ------- -------

Costs and Expenses:
  Cost of goods sold       7,007    5,875    7,007    5,875       --      --
  Selling, general and
   administrative            870      825      663      615      207     210
  Research, development
   and engineering           241      211      241      211       --      --
  Restructuring                3        2        3        2       --      --
  Interest expense           402      392      196      159      279     311
  Interest compensation
   to Financial Services      --       --      138      111       --      --
  Other, net                 104      129       49       71       55      58
                         -------  -------  -------  -------  ------- -------
 Total                     8,627    7,434    8,297    7,044      541     579
                         -------  -------  -------  -------  ------- -------

Income before income
 taxes and equity in
 income of
 unconsolidated
 subsidiaries and
 affiliates                  620      297      469      193      151     104
Income tax provision         222      181      170      156       52      25
Equity in income of
 unconsolidated
 subsidiaries and
 affiliates:
  Financial Services           7        5      106       84        7       5
  Equipment Operations        59       28       59       28       --      --
                         -------  -------  -------  -------  ------- -------
Net income                   464      149      464      149      106      84
Net loss attributable to
 noncontrolling
 interests                    (8)     (11)      (8)     (11)      --      --
                         -------  -------  -------  -------  ------- -------
Net income attributable
 to CNH Global N.V.      $   472  $   160  $   472  $   160  $   106 $    84
                         =======  =======  =======  =======  ======= =======



Weighted average shares
 outstanding:
  Basic                      239      238
                         =======  =======
  Diluted                    241      238
                         =======  =======

Basic and diluted
 earnings per share
 ("EPS") attributable to
 CNH Global N.V. common
 shareholders:
  Basic EPS              $  1.97  $  0.67
                         =======  =======
  Diluted EPS            $  1.96  $  0.67
                         =======  =======



These Condensed Consolidated Statements of Operations should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2010.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.

                               CNH GLOBAL N.V
                    CONDENSED CONSOLIDATED BALANCE SHEET
                        AND SUPPLEMENTAL INFORMATION
                  As of June 30, 2011 and December 31, 2010
                                 (Unaudited)

                                             Equipment         Financial
                          Consolidated       Operations         Services
                       ----------------- ----------------- -----------------
                         June   December   June   December   June   December
                         30,       31,     30,      31,       30,      31,
                         2011      2010    2011     2010     2011      2010
                       -------- -------- -------- -------- -------- --------
                                           (in millions)
ASSETS
Cash and cash
 equivalents           $  1,548 $  3,618 $    949 $  2,934 $    599 $    684
Deposits in Fiat
 Industrial
 subsidiaries' cash
 management system        3,543       --    3,444       --       99       --
Deposits in Fiat
 S.p.A. subsidiaries'
 cash management
 system                      --    1,760       --    1,643       --      117
Accounts, notes
 receivable and other
 - net                   15,434   14,028    1,165      911   14,683   13,495
Intersegment notes
 receivable                  --       --    2,334    2,273      641      562
Inventories               3,741    2,937    3,741    2,937       --       --
Property, plant and
 equipment, net           1,910    1,786    1,908    1,784        2        2
Equipment on operating
 leases - net               648      622        3        2      645      620
Investment in
 Financial Services          --       --    2,183    2,007       --       --
Investments in
 unconsolidated
 affiliates                 484      490      394      407       90       83
Goodwill and other
 intangibles              3,117    3,064    2,957    2,906      160      158
Other assets              3,535    3,284    2,196    1,848    1,339    1,436
                       -------- -------- -------- -------- -------- --------
 Total Assets          $ 33,960 $ 31,589 $ 21,274 $ 19,652 $ 18,258 $ 17,157
                       ======== ======== ======== ======== ======== ========

LIABILITIES AND EQUITY
Short-term debt        $  4,434 $  3,863 $    190 $    125 $  4,244 $  3,738
Accounts payable          2,983    2,367    3,115    2,586      275      150
Long-term debt,
 including current
 maturities              12,068   12,434    3,482    3,968    8,586    8,466
Intersegment debt            --       --      641      562    2,334    2,273
Accrued and other
 liabilities              6,346    5,545    5,718    5,032      635      522
                       -------- -------- -------- -------- -------- --------
 Total Liabilities       25,831   24,209   13,146   12,273   16,074   15,149
Equity                    8,129    7,380    8,128    7,379    2,184    2,008
                       -------- -------- -------- -------- -------- --------
 Total Liabilities and
  Equity               $ 33,960 $ 31,589 $ 21,274 $ 19,652 $ 18,258 $ 17,157
                       ======== ======== ======== ======== ======== ========


These Condensed Consolidated Balance Sheets should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2010.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.



                              CNH GLOBAL N.V.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                        AND SUPPLEMENTAL INFORMATION
              For the Six Months Ended June 30, 2011 and 2010
                                (Unaudited)

                                             Equipment        Financial
                         Consolidated       Operations         Services
                       ----------------  ----------------  ----------------
                       Six Months Ended  Six Months Ended  Six Months Ended
                           June 30,          June 30,          June 30,
                       ----------------  ----------------  ----------------
                         2011     2010     2011     2010     2011     2010
                       -------  -------  -------  -------  -------  -------
                                           (in millions)
Operating activities:
 Net income            $   464  $   149  $   464  $   149  $   106  $    84
 Adjustments to
  reconcile net income
  to net cash (used)
  provided by
  operating
  activities:
  Depreciation and
   amortization            216      198      155      137       61       61
  Intersegment
   activity                 --       --     (234)     (89)     234       89
  Changes in operating
   assets and
   liabilities            (750)     (24)      62    1,127     (812)  (1,151)
  Other, net              (108)    (130)    (215)     (53)       1      (11)
                       -------  -------  -------  -------  -------  -------
Net cash (used)
 provided by operating
 activities               (178)     193      232    1,271     (410)    (928)
                       -------  -------  -------  -------  -------  -------

Investing activities:
 Expenditures for
  property, plant and
  equipment               (126)     (90)    (126)     (90)      --       --
 Expenditures for
  equipment on
  operating leases        (192)    (174)      --       --     (192)    (174)
 Net collections from
  retail receivables       (38)      98       --       --      (38)      98
 Net (deposits in)
  withdrawals from
  Fiat Industrial/Fiat
  S.p.A. subsidiaries'
  cash management
  systems               (1,702)  (1,369)  (1,727)  (1,376)      25        7
 Other, net                201      133      (51)       6      252      107
                       -------  -------  -------  -------  -------  -------
Net cash (used)
 provided by investing
 activities             (1,857)  (1,402)  (1,904)  (1,460)      47       38
                       -------  -------  -------  -------  -------  -------

Financing activities:
 Intersegment activity      --       --       53     (642)     (53)     642
 Net decreases in
  indebtedness            (131)   1,391     (438)   1,396      307       (5)
 Other, net                 28     (543)      28     (543)      --     (130)
                       -------  -------  -------  -------  -------  -------
Net cash (used)
 provided by financing
 activities               (103)     848     (357)     211      254      507
                       -------  -------  -------  -------  -------  -------
Effect of foreign
 exchange rate changes
 on cash and cash
 equivalents                68      (28)      44      (10)      24      (18)
                       -------  -------  -------  -------  -------  -------
Decrease in cash and
 cash equivalents       (2,070)    (389)  (1,985)      12      (85)    (401)
 Cash and cash
  equivalents,
  beginning of period    3,618    1,263    2,934      290      684      973
                       -------  -------  -------  -------  -------  -------
Cash and cash
 equivalents, end of
 period                $ 1,548  $   874  $   949  $   302  $   599  $   572
                       =======  =======  =======  =======  =======  =======





These Condensed Consolidated Statements of Cash Flows should be read in conjunction with the Company's Audited Consolidated Financial Statements and Notes for the year ended December 31, 2010.

The supplemental Equipment Operations (with Financial Services on the equity basis) data in these statements include CNH Global N.V.'s agricultural and construction equipment operations. The supplemental Financial Services data in these statements include CNH Global N.V.'s financial services business. Transactions between Equipment Operations and Financial Services have been eliminated to arrive at the consolidated data.

                               CNH Global N.V.
                       TOTAL DEBT AND NET DEBT (CASH)
 For the Six Months Ended June 30, 2011 and the Year Ended December 31, 2010
                                 (Unaudited)


                                            Equipment          Financial
                        Consolidated        Operations          Services
                     ----------------- ------------------- -----------------
                       June   December   June    December    June   December
                       30,       31,      30,       31,       30,     31,
                       2011      2010     2011      2010      2011    2010
                     -------- -------- --------- --------- -------- --------
                                          (in millions)
Short-term debt:
  With Fiat
   Industrial
   subsidiaries      $    310 $     -- $     88  $     --  $    222 $     --
  With Fiat S.p.A.
   subsidiaries            --      194       --        43        --      151
  Owed to
   securitization
   investors            2,675    2,488       --        --     2,675    2,488
  Other                 1,449    1,181      102        82     1,347    1,099
  Intersegment             --       --       93        52     1,753    1,730
                     -------- -------- --------- --------- -------- --------
Total short-term
 debt                   4,434    3,863      283       177     5,997    5,468
                     -------- -------- --------- --------- -------- --------
Long-term debt:
  With Fiat
   Industrial
   subsidiaries           478       --       72        --       406       --
  With Fiat S.p.A.
   subsidiaries            --      584       --        67        --      517
  Owed to
   securitization
   investors            5,979    5,868       --        --     5,979    5,868
  Other                 5,611    5,982    3,410     3,901     2,201    2,081
  Intersegment             --       --      548       510       581      543
                     -------- -------- --------- --------- -------- --------
Total long-term debt   12,068   12,434    4,030     4,478     9,167    9,009
                     -------- -------- --------- --------- -------- --------
Total debt:
  With Fiat
   Industrial
   subsidiaries           788       --      160        --       628       --
  With Fiat S.p.A.
   subsidiaries            --      778       --       110        --      668
  Owed to
   securitization
   investors            8,654    8,356       --        --     8,654    8,356
  Other                 7,060    7,163    3,512     3,983     3,548    3,180
  Intersegment             --       --      641       562     2,334    2,273
                     -------- -------- --------- --------- -------- --------
Total debt           $ 16,502 $ 16,297 $  4,313  $  4,655  $ 15,164 $ 14,477
                     ======== ======== ========= ========= ======== ========
Less:
  Cash and cash
   equivalents          1,548    3,618      949     2,934       599      684
  Deposits in Fiat
   Industrial
   subsidiaries'
   cash management
   system               3,543       --    3,444        --        99       --
  Deposits in Fiat
   S.p.A.
   subsidiaries'
   cash management
   system                  --    1,760       --     1,643        --      117
  Intersegment notes
   receivable              --       --    2,334     2,273       641      562
                     -------- -------- --------- --------- -------- --------
Net debt (cash)      $ 11,411 $ 10,919 $ (2,414) $ (2,195) $ 13,825 $ 13,114
                     ======== ======== ========= ========= ======== ========


Note: Net Debt (Cash) is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.



                              CNH GLOBAL N.V.
                          SUPPLEMENTAL SCHEDULES
     For the Three Months and Six Months Ended June 30, 2011 and 2010
                                (Unaudited)

                          Three Months Ended          Six Months Ended
                               June 30,                   June 30,
                       ------------------------   ------------------------
                                            %                          %
                         2011     2010   Change     2011     2010   Change
                       -------  -------  ------   -------  -------  ------
                                (in millions, except percentages)
1. Revenues and net
 sales:
 Net sales
  Agricultural
   equipment           $ 3,851  $ 3,148    22.3%  $ 6,922  $ 5,773    19.9%
  Construction
   equipment             1,030      790    30.4%    1,756    1,402    25.2%
                       -------  -------           -------  -------
   Total net sales       4,881    3,938    23.9%    8,678    7,175    20.9%
 Financial services        353      343     2.9%      692      683     1.3%
 Eliminations and
  other                    (69)     (70)             (123)    (127)
                       -------  -------           -------  -------
 Total revenues        $ 5,165  $ 4,211    22.7%  $ 9,247  $ 7,731    19.6%
                       =======  =======           =======  =======


2. Net sales on a
 constant currency
 basis:

 Agricultural
  equipment net sales  $ 3,851  $ 3,148    22.3%  $ 6,922  $ 5,773    19.9%
 Effect of currency
  translation             (187)            (5.9)%    (232)            (4.0)%
                       -------  -------           -------  -------
   Agricultural
    equipment net
    sales on a
    constant currency
    basis              $ 3,664  $ 3,148    16.4%  $ 6,690  $ 5,773    15.9%
                       =======  =======           =======  =======

 Construction
  equipment net sales  $ 1,030  $   790    30.4%  $ 1,756  $ 1,402    25.2%
 Effect of currency
  translation              (53)            (6.7)%     (72)            (5.1)%
                       -------  -------            ------  -------
   Construction
    equipment net
    sales on a
    constant currency
    basis              $   977  $   790    23.7%  $ 1,684  $ 1,402    20.1%
                       =======  =======           =======  =======

   Total Equipment
    Operations net
    sales on a
    constant currency
    basis              $ 4,641  $ 3,938    17.9%  $ 8,374  $ 7,175    16.7%
                       =======  =======           =======  =======


Note: Net sales on a constant currency basis is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.

                              CNH Global N.V.
                          SUPPLEMENTAL Schedules
         For the Three and Six Months Ended June 30, 2011 and 2010
                                (Unaudited)

3. Equipment Operations gross and operating profit and margin:

                       Three Months Ended           Six Months Ended
                             June 30,                    June 30,
                   --------------------------- ---------------------------
                        2011          2010          2011          2010
                   ------------- ------------- ------------- -------------
                              (in millions, except percentages)

Net sales          $4,881 100.0% $3,938 100.0% $8,678 100.0% $7,175  100.0%
Less:
  Cost of goods
   sold             3,893  79.8%  3,177  80.7%  7,007  80.7%  5,875   81.9%
                   ------        ------        ------        ------
Equipment
 Operations gross
 profit               988  20.2%    761  19.3%  1,671  19.3%  1,300   18.1%
Less:
  Selling, general
   and
   administrative     342   7.0%    319   8.1%    663   7.6%    615    8.6%
  Research and
   development        125   2.6%    112   2.8%    241   2.8%    211    2.9%
                   ------        ------        ------        ------
Equipment
 Operations
 operating profit  $  521  10.7% $  330   8.4% $  767   8.8% $  474    6.6%
                   ======        ======        ======        ======

Gross profit and
 margin:
  Agricultural
   equipment       $  850  22.1% $  644  20.5% $1,441  20.8% $1,124   19.5%
  Construction
   equipment          138  13.4%    117  14.8%    230  13.1%    176   12.6%
                   ------        ------        ------        ------
Equipment
 Operations gross
 profit            $  988  20.2% $  761  19.3% $1,671  19.3% $1,300   18.1%
                   ======        ======        ======        ======

Operating profit
 and margin:
  Agricultural
   equipment       $  496  12.9% $  317  10.1% $  759  11.0% $  497    8.6%
  Construction
   equipment           25   2.4%     13   1.6%      8   0.5%    (23)  (1.6)%
                   ------        ------        ------        ------
Equipment
 Operations
 operating profit  $  521  10.7% $  330   8.4% $  767   8.8% $  474    6.6%
                   ======        ======        ======        ======



4. Net income and diluted earnings per share before restructuring and
 exceptional items:

                                  Three Months Ended     Six Months Ended
                                        June 30,             June 30,
                                  -------------------  --------------------
                                     2011      2010       2011       2010
                                  --------- ---------  ---------  ---------
                                     (in millions, except per share data)

Net income attributable to CNH    $     320 $     144  $     472  $     160
                                  --------- ---------  ---------  ---------
Restructuring:
  Restructuring, net of tax              --        --          2          2
Exceptional items:
  (Gain) on purchase/sale of
   business, net of tax                  --        (4)       (16)        (4)
  Tax charge for Medicare Part D
   retiree drug subsidy                  --        --         --         20
                                  --------- ---------  ---------  ---------
Net income before restructuring
 and exceptional items            $     320 $     140  $     458  $     178
                                  ========= =========  =========  =========
Weighted average common shares
 outstanding - diluted                  241       238        241        238
                                  ========= =========  =========  =========
Diluted earnings per share before
 restructuring and exceptional
 items                            $    1.33 $    0.59  $    1.90  $    0.75
                                  ========= =========  =========  =========



                               CNH GLOBAL N.V.
                           SUPPLEMENTAL SCHEDULES
                   For the Six Months Ended June 30, 2011
                                 (Unaudited)

5. Equipment Operations cash generated from working capital

                 Balance as                           Balance as     Cash
                     of      Effect of                    of      Generated
                 December     Foreign                   June         from
                    31,       Currency    Non-Cash       30,       Working
                    2010    Translation Transactions     2011      Capital
                ----------- ----------- ------------ ----------- -----------
                                        (in millions)

Accounts, notes
 receivable and
 other - net -
 Total          $      911  $      (46) $       (36) $    1,165  $     (172)
Inventories          2,937        (146)         (24)      3,741        (634)
Accounts
 payable -
 Total              (2,586)        160           59      (3,115)        310
                ----------- ----------- ------------ ----------- -----------
Working Capital $    1,262  $      (32) $        (1) $    1,791  $     (496)
                =========== =========== ============ =========== ===========

Note: Working Capital is a non-GAAP financial measure. See description of non-GAAP measures contained in this release.

For more information contact:
CNH Investor Relations
+1 (630) 887-3745


SOURCE: CNH