CNH First Quarter 2013 EPS Increases 20% to $1.33 on Net Sales of $4.7 Billion

CNH First Quarter 2013 EPS Increases 20% to $1.33 on Net Sales of $4.7 Billion 
BURR RIDGE, IL -- (Marketwired) -- 04/30/13 --  CNH Global N.V.
(NYSE: CNH) 


 
--  First quarter Net Sales of $4.7 billion +1% (+3% constant currency
    basis)
    --  Agricultural equipment net sales of $3.9 billion +9% (+11%
        constant currency basis)
    --  Construction equipment net sales of $754 million -26% (-24%
        constant currency basis)
--  First quarter Equipment Operations' Operating Profit of $443 million,
    margin of 9.4% for the period
--  First quarter diluted EPS (before restructuring and exceptional items)
    attributable to CNH common shareholders $1.33 per share, compared to
    $1.11 per share in 2012

 
                                                                            
                                              Quarter Ended                 
                                       --------------------------           
                                         3/31/2013     3/31/2012     Change 
                                       ------------  ------------   ------- 
                                        (US $ in millions, except per share 
                                               data and percentages)        
Net Sales of Equipment                 $      4,697  $      4,639         1%
Equipment Operations Operating Profit  $        443  $        406         9%
Equipment Operations Operating Margin           9.4%          8.8%  0.6 pts 
Net Income Attributable to Fin.                                             
 Services                              $         90  $         73        23%
Net Income Attributable to CNH         $        326  $        269        21%
Net Income Before Restructuring and                                         
 Exceptional Items                     $        326  $        269        21%
Diluted EPS Before Restructuring and                                        
 Exceptional Items                     $       1.33  $       1.11        20%

 
CNH Global N.V. (NYSE: CNH) today announced financial results for the
quarter ended March 31, 2013. Net sales for the quarter increased 1%
(3% on a
 constant currency basis) to $4.7 billion. Equipment
Operations posted an operating profit of $443 million or 9.4% of net
sales for the quarter, as increased volumes and positive net pricing
in the agricultural segment compensated for the reduction in volume
in the construction segment, higher selling general and
administrative expenditures and research and development expense. The
31% effective tax rate for the quarter is within the Group's full
year 2013 forecast range of 31% to 34%. 
Equipment net sales in the quarter comprised 84% agricultural
equipment and 16% construction equipment. The geographic distribution
of net sales in the quarter was 44% North America, 30% EAME & CIS,
19% Latin America, and 7% APAC markets. 
Equipment Operations used $146 million in cash in the quarter, a 71%
improvement from the first quarter of 2012. This improvement is a
result of the increase in earnings for the period coupled with a
reduced working capital build compared to the prior year. Capital
expenditures totaled $84 million, as the Company continues to
implement its strategic plan of investments in new manufacturing
sites. Capital expenditures for new product launches (inclusive of
interim and final Tier 4 emission compliant equipment) represented
30% of the total CAPEX in the quarter. CNH's Equipment Operations
ended the period with a net cash position of $2.7 billion.  
Net income, before restructuring and exceptional items, was $326
million for the quarter, an increase of 21%, driven by continued
solid market conditions in the agricultural sector, satisfactory
industrial performance, and improved results by the Group's financial
services business. This resulted in the Group generating diluted
earnings per share of $1.33 (before restructuring and exceptional
items), up 20% compared to $1.11 per share for the first quarter of
2012. 
2013 Full Year Market Outlook  


 
--  Agricultural equipment unit volume is expected to be flat to down 5%
--  Construction equipment unit volume is expected to be down 5 to 10%

  
CNH Guidance For The Full Year 2013  


 
--  Revenues up ~5%
--  Operating Margin between 8.5% and 9.0%

  
SEGMENT RESULTS
 Agricultural Equipment  


 
                                                                            
                                              Quarter Ended                 
                                        -------------------------           
                                         3/31/2013     3/31/2012     Change 
                                        -----------   -----------   ------- 
                                             (US $ in millions, except      
                                                    percentages)            
Net Sales of Equipment                  $     3,943   $     3,615         9%
Gross Profit                            $       877   $       760        15%
Gross Margin                                   22.2%         21.0%  1.2 pts 
Operating Profit                        $       469   $       372        26%
Operating Margin                               11.9%         10.3%  1.6 pts 

 
CNH Agricultural Equipment First Quarter Results
 CNH's agricultural
equipment first quarter net sales increased 9% (11% on a constant
currency basis) driven by increased volume, positive net pricing, and
favorable product mix. All of the Group's geographic regions except
APAC reported increased revenue. Operating profit increased by $97
million to $469 million yielding an operating margin of 11.9%, up 1.6
percentage points compared to the first quarter of 2012. 
Worldwide agricultural equipment market share performance was in line
with the market in tractors and up in combines, despite a reduction
in the APAC region for both categories and in the North American
combine market where, as anticipated at the end of 2012, the
Company's revenues were negatively impacted by the changeover in
manufacturing required to transition to a new flagship model. 
CNH worldwide production of agricultural equipment was 19% above
retail sales in the quarter as the Company increased inventory levels
to accommodate the spring and summer selling seasons and the launch
of the new combine in North America. 
Case IH expanded its Farmall utility tractor offering in North
America and Europe with models that meet the demand for rugged, yet
comfortable and easy-to-operate equipment that is reliable and
cost-effective. Case IH also presented the completely redesigned
Precision Disk single-disk air drills, which deliver best-in-class
seed placement accuracy for a wide array of crops. The Precision Disk
500T series includes a new smaller 25-foot working width model for
smaller farms. In Europe and Australia, Case IH unveiled new features
on its Axial-Flow combine lineup, including a redesigned cab --
already recognized as the largest and quietest in the industry -- and
a folding auger with an industry-exclusive pivoting spout option.
Case IH presented its new LB large square baler series to the
European market at the 2013 SIMA fair in Paris and was also
introduced in Australia. Both launches follow the baler series'
premiere in North America in late 2012
. 
The Case IH Robo-Sharpener -- the first manually supervised
"field-service robot" for sharpening wavy or regular tillage blades
on the company's True-Tandem 330 Turbo -- received a Silver
Innovation award from the American Society of Agricultural and
Biological Engineers (ASABE) at the Ag Connect Expo. 
At the SIMA show in Paris, New Holland Agriculture launched the new
Tier 4A/Stage IIIB emissions compliant T6 Auto Command tractor range,
equipped with continuously variable transmission. The upgraded
HorizonCab, also available on the T7 tractor range, offers new
features for enhanced comfort, as well as intuitive, and ergonomic
use. The Brand also introduced new no-till drill precision seeders
for more sustainable farming of medium and large scale farms. In
North America, at the World Ag Expo (Tulare, California) and at the
National Farm Machinery Show (Louisville, Kentucky), New Holland
Agriculture launched several new products: the new P2080 and P2085
disk drills, which ensure precise, uniform seed placement with very
low soil disturbance, and the new T4 and T5 series utility tractor,
offering outstanding visibility, ergonomic CommandArc controls, an
ultra-comfortable VisionView cab and segment leading performance. In
Turkey, New Holland presented the new TTJ Series tractor, further
consolidating its leadership in the production of specialized orchard
tractors. Equipped with 4WD and power shuttle, it offers high
performance in a compact size, making it an ideal choice for a
variety of small and mid-sized vineyard and orchard applications. In
Japan, New Holland launched the Tier 4A/Stage IIIB compliant T7
tractor range, equipped with the advanced Auto Command transmission.
New Holland Agriculture launched the two and four-wheel drive TT
Compact series in selected southern African countries (Zambia &
Zimbabwe). The tractor series combines versatility with powerful
performance, exceptional fuel efficiency and ease of use and service. 
In North America, the multi-award winning BigBaler large square
baler, recently launched in Australia and Turkey, was recognized with
the prestigious Good Design award for its innovative styling. The
tracked version of T9 4WD tractor was honored with the FinOvation
award by Farm Industry News. 
Construction Equipment  


 
                                                                            
                                             Quarter Ended                  
                                      --------------------------            
                                       3/31/2013      3/31/2012     Change  
                                      -----------    -----------   -------- 
                                            (US $ in millions, except       
                                                   percentages)             
Net Sales of Equipment                $       754    $     1,024        -26%
Gross Profit                          $        92    $       155        -41%
Gross Margin                                 12.2%          15.1%  -2.9 pts 
Operating Profit (Loss)               $       (26)   $        34        N/A 
Operating Margin                             (3.4)%          3.3%  -6.7 pts 

 
CNH Construction Equipment First Quarter Results
 CNH's construction
equipment first quarter net sales decreased 26% (24% on a constant
currency basis) as industry unit demand slowed in every region with
light equipment down 8% and heavy down 23% in the quarter. As a
result of the weak trading conditions in most major markets and in an
effort to match inventory levels with forecasted demand, capacity
utilization was reduced during the period. The reduction in revenue
combined with lower fixed cost absorption in the period, resulted in
an operating loss of $26 million for the quarter. 
CNH's worldwide construction equipment market share was in aggregate
largely unchanged, with gains in Latin America offset by a reduction
in North America and EAME & CIS regions. 
Case Construction Equipment introduced its new Tier 4A/Stage IIIB
521F wheel loader in the North American market, offering customers a
12 percent increase in fuel efficiency over the previous E Series
model, while delivering faster acceleration and quicker cycle times.
During the quarter, Case introduced in North America several Tier
4B/Stage IV emission requirement compliant models, including the
Alpha Series skid steer loader, and the next generation of small
double drum compaction units, which offer excellent maneuverability
and visibility in a compact size, while maintaining the same control
features found in heavy asphalt rollers. In Europe, Case Construction
Equipment is once again taking the lead in emissions standards with
the presentation in March of two Tier 4B/Stage IV midi excavators:
the short radius CX75 SR and the conventional CX80C. Case
Construction Equipment presented the new F Series wheel loaders and B
Series motor graders for the Indian market at the February Bauma
Conexpo (bC India) show in Mumbai. Case also introduced the upgraded
version of its locally built Case 752 vibratory tandem compactor to
further consolidate its market leadership in this segment. In Europe,
Southeast Asia, China and the CIS, Case completed the introduction of
the 8WX Series wheeled excavators equipped with a three-pump
hydraulic system with a dedicated swing pump, a new engine
speed/working mode selection dial, a heavy-duty undercarriage and an
improved cab. 
New Holland Construction began presenting its lineup of Tier 4B/Stage
IV emission compliant equipment to the markets with the launch of
four new models of its 200 Series skid steer loader in North America,
and two models of its E Series midi excavator in Europe. New Holland
also completed the introduction of its new crawler excavator range in
Europe with three Tier 4A/Stage IIIB compliant short radius models,
which feature the patented "integrated Noise and Dust reduction"
system. It also presented, in the CIS and Southeast Asia, its new B
Series PRO wheeled excavators which feature excellent productivity,
heavy lifting and high precision performance. New Holland upgraded
its grader offering in Europe with a new low profile cab that
eliminates transport limitations when on a flatbed truck. 
Financial Services 


 
                                                                            
                                                Quarter Ended               
                                          ------------------------          
                                           3/31/2013    3/31/2012    Change 
                                          -----------  -----------  ------- 
                                              (US $ in millions, except     
                                                     percentages)           
Net Income Attributable to Fin. Services  $        90  $        73       23%
On-Book Asset Portfolio                   $    17,475  $    15,740       11%
Managed Asset Portfolio                   $    19,669  $    18,211        8%

 
CNH Financial Services First Quarter Results 
 First quarter net
income attributable to Financial Services increased 23% to $90
million compared with $73 mil
lion in the first quarter of 2012.
Increased results were primarily due to a higher average portfolio
and a lower provision for credit losses. 
At March 31, 2013, delinquent receivables greater than 30 days past
due were 1.0% of the total managed receivables, down from 1.2% and
1.9% at December 31, 2012 and March 31, 2012, respectively. 
CNH Capital LLC
 The following is disclosed on behalf of CNH's North
American financial services subsidiary, CNH Capital LLC and its
consolidated subsidiaries ("CNH Capital").  


 
                                                                            
                                               Quarter Ended                
                                         -------------------------          
                                           3/31/2013    3/31/2012    Change 
                                         ------------  -----------  ------- 
                                              (US $ in millions, except     
                   
                                 percentages)            
Net Income Attributable to CNH Capital                                      
 LLC                                     $         63  $        57       11%
On-Book Asset Portfolio                  $     12,175  $    10,823       12%
Managed Asset Portfolio                  $     12,214  $    10,917       12%

 
CNH Capital LLC First Quarter Results
 First quarter net income
attributable to CNH Capital was up 11% primarily due to a higher
average portfolio, stronger financial margins and a lower provision
for income taxes, partially offset by a higher provision for credit
losses.  
At March 31, 2013, delinquent receivables greater than 30 days past
due were 0.4% of the total managed receivables, down from 0.5% and
0.9% at December 31, 2012 and March 31, 2012, respectively. 
Unconsolidated Equipment Operations Subsidiaries
 First quarter
results for the Group's unconsolidated Equipment Operations
subsidiaries were $17 million, down $2 million from the comparable
period of 2012. 
Equipment Operations Cash Flow and Net Debt 


 
                                                                            
                                                        Year to Date        
          
                                       -------------------------- 
                                                   3/31/2013     3/31/2012  
                                                 ------------  ------------ 
                                                     (US $ in millions)     
Net Income                                       $        328  $        269 
Depreciation & Amortization                                81            76 
Cash Change in Working Capital*                          (547)         (856)
Other                                                      (8)            3 
                                                 ------------  ------------ 
Net Cash (Used) by Operating Activities                  (146)         (508)
Net Cash (Used) by Investing Activities**                 (87)         (103)
All Other                                                (110)          108 
                                                 ------------  ------------ 
(Decrease) in Net (Cash)                         $       (343) $       (503)
                                                 ============  ============ 
Net (Cash)                                       $     (2,677) $     (2,228)

 
* Net cash change in receivables, inventories and payables including
inter-segment receivables and payables.
 ** Excluding Net (Deposits
In)/Withdrawals from 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 11,500
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 on 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 April 30, 2013, to review first quarter 2013
results. The conference call webcast will begin at 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 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 Industrial subsidiaries' 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 largely based on our interpretation of what we
consider to be relevant economic assumptions and involves risks and
uncertainties that could cause actual results to differ (possibly
materially) from such forward-looking statements. Macro-economic
factors including monetary policy, interest rates, currency exchange
rates, inflation, deflation, credit availability and the intervention
by governments and non-governmental organizations in an attempt to
influence such factors can have a material impact on our customers
and the demand for our goods. Crop production and commodity prices
are strongly affected by weather and can fluctuate significantly.
Housing starts and other construction activity are sensitive to,
among other things, credit availability, interest rates and
government spending. Some of the other significant factors that may
affect our results include general economic and capital market
conditions, the cyclical nature of our businesses, customer buying
patterns and preferences, the impact of changes in geographical sales
mix and product sales mix, foreign currency exchange rate movements,
our hedging practices, investment returns, our and our customers'
access to credit, restrictive covenants in our debt agreements,
actions by rating agencies concerning the ratings on our debt and
asset-backed securities and the credit ratings of Fiat Industrial,
risks related to our relationship with Fiat Industrial, the effect of
the demerger transaction consummated by Fiat pursuant to which CNH
was separated from Fiat's automotive business and became a subsidiary
of Fiat Industrial, our ability to consummate the pending business
combination transaction with Fiat Industrial and to realize the
anticipated benefits of such transaction, political uncertainty and
civil unrest or war in various are
as 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 those related to tax, healthcare,
retiree benefits, government subsidies, engine emissions, and
international trade regulations), 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, the cost and availability of supplies,
raw material costs and availability, energy prices, real estate
values, animal diseases, crop pests, harvest yields, government farm
programs, consumer confidence, housing starts and construction
activity, concerns related to modified organisms and fuel and
fertilizer costs, and the growth of non-food uses for some crops
(including ethanol and biodiesel production). 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, 2012.  
Furthermore, in light of ongoing difficult macroeconomic conditions,
both globally and in the industries in which we operate, it is
particularly difficult to forecast our results and any estimates or
forecasts of particular periods that we provide are uncertain. 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 March 31, 2013 and 2012             
                                 (Unaudited)                                
                                                                            
                                                                            
                                             Equipment         Financial    
                          Consolidated       Operations         Services    
                       ----------------- ----------------- -----------------
                          Three Months      Three Months      Three Months  
                             Ended             Ended             Ended      
                           March 31,         March 31,         March 31,    
                       ----------------- ----------------- -----------------
                         2013     2012     2013     2012     2013     2012  
                       -------- -------- -------- -------- -------- --------
                                (in millions, except per share data)        
Revenues:                                                                   
  Net sales            $  4,697 $  4,639 $  4,697 $  4,639      $ -      $ -
  Finance and interest                                                      
   income                   253      260       33       34      317      332
                       -------- -------- -------- -------- -------- --------
                          4,950    4,899    4,730    4,673      317      332
                       -------- -------- -------- -------- -------- --------
Costs and Expenses:                                                         
  Cost of goods sold      3,728    3,724    3,728    3,724        -        -
  Selling, general and                                                      
   administrative           421      433      374      360       47       73
  Research,                                                                 
   development and                                                          
   engineering              152      149      152      149        -        -
  Restructuring               1        -        1        -        -        -
  Interest expense          154      185       72       88      112      129
  Interest                                                                  
   compensation to                                                          
   Financial Services         -        -       67       74        -        -
  Other, net                 52       49       21       24       31       25
                       -------- -------- -------- -------- -------- --------
Total                     4,508    4,540    4,415    4,419      190      227
                       -------- -------- -------- -------- -------- --------
Income before income                                                        
 taxes and equity in                                                        
 income of                                                                  
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates                 442      359      315      254      127      105
Income tax provision        135      112       94       77       41       35
Equity in income of                                                         
 unconsolidated                                                             
 subsidiaries and                                                           
 affiliates:                                                                
  Financial Services          3        3       90       73        3        3
  Equipment Operations       17       19       17       19        -        -
                       -------- -------- -------- -------- -------- --------
Net income                  327      269      328      269       89       73
  Net Income (loss)                                                         
   attributable to                                                          
   noncontrolling                                                           
   interests                  1        -        2        -      (1)        -
                       -------- -------- -------- -------- -------- --------
Net income                                                                  
 attributable to CNH                                                        
 Global N.V.           $    326 $    269 $    326 $    269     $ 90     $ 73
                       ======== ======== ======== ======== ======== ========
Weighted average                                                            
 shares outstanding -                                                       
 Basic:                                                                     
    Common Shares            31      240                                    
                       ======== ========                                    
    Common Shares B         212                                             
                       ========                                             
Weighted average                                                            
 shares outstanding -                                                       
 Diluted:                                                                   
    Common Shares            33      241                                    
                       ======== ========                                    
    Common Shares B         212                                             
                       ========                                             
Basic and diluted earnings per share ("EPS") attributable to Common Shares  
 and Common Shares B:                                                       
  Basic EPS for Common                                                      
   Shares and Common                                                        
   Shares B            $   1.34 $   1.12                                    
                       ======== ========                                    
  Diluted EPS for                                                           
   Common Shares and                                                        
   Common Shares B     $   1.33 $   1.11                                    
                       ======== ========                                    

 
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, 2012. 
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 SHEETS                   
                        AND SUPPLEMENTAL INFORMATION                        
                 As of March 31, 2013 and December 31, 2012                 
                                 (Unaudited)                                
                                                                            
                                                                            
                                             Equipment         Financial    
                          Consolidated       Operations         Services    
                       ----------------- ----------------- -----------------
                         March             March             March          
                          31,   Dec. 31,    31,   Dec. 31,    31,   Dec. 31,
                         2013     2012     2013     2012     2013     2012  
                       -------- -------- -------- -------- -------- --------
                                           (in millions)                    
ASSETS                                                                      
Cash and cash                                                               
 equivalents           $  1,482 $  2,008 $    768 $    827 $    714 $  1,181
Deposits in Fiat                                                            
 Industrial                                                                 
 subsidiaries' cash                                                         
 management system        4,391    4,232    4,212    4,005      179      227
Accounts, notes                                                             
 receivable and other,                                                      
 net                     17,228   16,168    1,096      824   16,604   15,812
Intersegment notes                                                          
 receivable                   -        -    2,056    2,476      575      554
Inventories               4,212    3,734    4,212    3,734        -        -
Property, plant and                                                         
 equipment, net           2,229    2,220    2,227    2,218        2        2
Equipment on operating                                                      
 leases, net                810      767        -        -      810      767
Investment in                                                               
 Financial Services           -        -    2,405    2,318        -        -
Investments in                                                              
 unconsolidated                                                             
 affiliates                 314      345      213      244      101      101
Goodwill and other                                                          
 intangibles              3,051    3,069    2,892    2,909      159      160
Other assets              2,824    2,883    1,720    1,690    1,104    1,193
                       -------- -------- -------- -------- -------- --------
                                                                            
  Total Assets         $ 36,541 $ 35,426 $ 21,801 $ 21,245 $ 20,248 $ 19,997
                       ======== ======== ======== ======== ======== ========
LIABILITIES AND EQUITY                                                      
Short-term debt        $  3,859 $  3,797 $    317 $    361 $  3,542 $  3,436
Accounts payable          3,038    2,821    3,124    2,932      378      351
Long-term debt,                                                             
 including current                                                          
 maturities              14,810   14,266    3,467    3,373   11,343   10,893
Intersegment debt             -        -      575      554    2,056    2,476
Accrued and other                                                           
 liabilities              5,899    5,908    5,383    5,392      524      522
                       -------- -------- -------- -------- -------- --------
  Total Liabilities    $ 27,606 $ 26,792 $ 12,866 $ 12,612 $ 17,843 $ 17,678
Equity                    8,935    8,634    8,935    8,633    2,405    2,319
                       -------- -------- -------- -------- -------- --------
  Total Liabilities                                                         
   and Equity          $ 36,541 $ 35,426 $ 21,801 $ 21,245 $ 20,248 $ 19,997
                       ======== ======== ======== ======== ======== ========

 
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, 2012. 
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 Three Months Ended March 31, 2013 and 2012             
                                 (Unaudited)                                
                                                                            
                                                                            
                                               Equipment       Financial    
                              Consolidated     Operations       Services    
                            --------------- --------------- --------------- 
                              Three Months    Three Months    Three Months  
                                 Ended           Ended           Ended      
                               March 31,       March 31,       March 31,    
                            --------------- --------------- --------------- 
                              2013    2012    2013    2012    2013    2012  
                            ------- ------- ------- ------- ------- ------- 
                                             (in millions)                  
Operating activities:                                                       
  Net income                $   327 $   269 $   328 $   269 $    89 $    73 
  Adjustments to reconcile                                                  
   net income to net cash                                                   
   used in operating                                                        
   activities:                                                      
        
    Depreciation and                                                        
     amortization               109     103      81      76      28      27 
    Intersegment activity         -       -    (230)   (351)    230     351 
    Changes in operating                                                    
     assets and liabilities  (1,242) (1,174)   (287)   (392)   (955)   (782)
    Other, net                   36     (18)    (38)   (110)    (16)     19 
                            ------- ------- ------- ------- ------- ------- 
Net cash used in operating                                                  
 activities                    (770)   (820)   (146)   (508)   (624)   (312)
                            ------- ------- ------- ------- ------- ------- 
Investing activities:                                                       
  Expenditures for                                                          
   property, plant and                                                      
   equipment                    (84)   (101)    (84)   (101)      -       - 
  Expenditures for                                                          
   equipment on operating                                                   
   leases                      (133)   (101)      -      (1)   (133)   (100)
  Net (additions)                                                           
   collections from retail                                                  
   receivables                 (104)     12       -       -    (104)     12 
  Net (deposits in)                                                         
   withdrawals from Fiat                                                    
   Industrial                  (220)   (322)   (266)   (353)     46      31 
  Other, net                    151     168      (3)     (1)    154     171 
                            ------- ------- ------- ------- ------- ------- 
Net cash (used in) provided                                                 
 by investing activities       (390)   (344)   (353)   (456)    (37)    114 
                            ------- ------- ------- ------- ------- ------- 
Financing activities:                                                       
  Intersegment activity           -       -     422      60    (422)    (60)
  Net increase (decrease)                                                   
   in indebtedness              620      17       -      56     620     (39)
  Other, net                     10       9      14      14      (4)     (7)
                            ------- ------- ------- ------- ------- ------- 
Net cash provided by (used                                                  
 in) financing activities       630      26     436     130     194    (106)
                            ------- ------- ------- ------- ------- ------- 
Effect of foreign exchange                                                  
 rate changes on cash and                                                   
 cash equivalents                 4      33       4      25       -       8 
                            ------- ------- ------- ------- ------- ------- 
Decrease in cash and cash                                                   
 equivalents                   (526) (1,105)    (59)   (809)   (467)   (296)
Cash and cash equivalents,                                                  
 beginning of year            2,008   2,055     827   1,251   1,181     804 
                            ------- ------- ------- ------- ------- ------- 
Cash and cash equivalents,                                                  
 end of quarter             $ 1,482 $   950 $   768 $   442 $   714 $   508 
                            ======= ======= ======= ======= ======= ======= 

 
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, 2012.  
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 Three Months Ended March 31, 2013 and the Year Ended December 31, 
                                    2012                                    
                                 (Unaudited)                                
                                                                            
                                                                            
                                             Equipment         Financial    
                          Consolidated      Operations          Services    
                       ----------------- ----------------  -----------------
                         March            March     Dec.     March          
                          31,   Dec. 31,   31,      31,       31,   Dec. 31,
                         2013     2012     2013     2012     2013     2012  
                       -------- -------- -------  -------  -------- --------
                                           (in millions)                    
Short-term debt:                                                            
  With Fiat Industrial                                                      
   subsidiaries        $    658 $    313 $   107  $   102  $    551 $    211
  Owed to                                                                   
   securitization                                                           
   investors              2,718    3,013       -        -     2,718    3,013
  Other                     483      471     210      259       273      212
  Intersegment                -        -       -        -     1,248    1,922
                       -------- -------- -------  -------  -------- --------
Total short-term debt     3,859    3,797     317      361     4,790    5,358
                       -------- -------- -------  -------  -------- --------
Long-term debt:                                                             
  With Fiat Industrial                                                      
   subsidiaries              31       44      19       19        12       25
  Owed to                                                                   
   securitization                                                           
   investors              7,959    7,326       -        -     7,959    7,326
  Other                   6,820    6,896   3,448    3,354     3,372    3,542
  Intersegment                -        -     575      554       808      554
                       -------- -------- -------  -------  -------- --------
Total long-term debt     14,810   14,266   4,042    3,927    12,151   11,447
                       -------- -------- -------  -------  -------- --------
Total debt:                                                                 
  With Fiat Industrial                                                      
   subsidiaries             689      357     126      121       563      236
  Owed to                                                                   
   securitization                                                           
   investors             10,677   10,339       -        -    10,677   10,339
  Other                   7,303    7,367   3,658    3,613     3,645    3,754
  Intersegment                -        -     575
      554     2,056    2,476
                       -------- -------- -------  -------  -------- --------
Total debt             $ 18,669 $ 18,063 $ 4,359  $ 4,288  $ 16,941 $ 16,805
                       ======== ======== =======  =======  ======== ========
Less:                                                                       
  Cash and cash                                                             
   equivalents            1,482    2,008     768      827       714    1,181
  Deposits in Fiat                                                          
   Industrial                                                               
   subsidiaries' cash                                                       
   management system      4,391    4,232   4,212    4,005       179      227
  Intersegment notes                                                        
   receivable                 -        -   2,056    2,476       575      554
                       -------- -------- -------  -------  -------- --------
Net debt (cash)        $ 12,796 $ 11,823 $(2,677) $(3,020) $ 15,473 $ 14,843
                       ======== ======== =======  =======  ======== ========

 
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 Ended March 31, 2013 and 2012             
                                 (Unaudited)                                
                                                                            
                                                                            
                                                  Three Months Ended        
                                                      March 31,             
                                          --------------------------------- 
                                             2013        2012      % Change 
                                          ----------  ----------            
                                          (in millions, except percentages) 
1. Revenues and net sales:                                                  
   Net sales                                                                
     Agricultural equipment               $    3,943  $    3,615        9.1%
     Construction equipment                      754       1,024      -26.4%
                                          ----------  ----------            
       Total net sales                         4,697       4,639        1.3%
   Financial services                            317         332       -4.5%
   Eliminations and other                        (64)        (72)           
                                          ----------  ----------            
   Total revenues                         $    4,950  $    4,899        1.0%
                                          ==========  ==========            
                                                                            
                                                                            
2. Net sales on a constant currency                                         
 basis:                                                                     
                                                                            
   Agricultural equipment net sales       $    3,943  $    3,615        9.1%
   Effect of currency translation                 71                    1.9%
                                          ----------  ----------            
     Agricultural equipment net sales on                                    
      a constant currency basis           $    4,014  $    3,615       11.0%
                                          ==========  ==========            
                                                                            
   Construction equipment net sales       $      754  $    1,024      -26.4%
   Effect of currency translation                 27                    2.7%
                                          ----------  ----------            
     Construction equipment net sales on                                    
      a constant currency basis           $      781  $    1,024      -23.7%
                                          ==========  ==========            
                                                                            
     Total Equipment Operations net sales                                   
      on a constant currency basis        $    4,795  $    4,639        3.4%
                                          ==========  ==========            

 
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 Months Ended March 31, 2013 and 2012             
                                 (Unaudited)                                

 
3. Equipment Operations gross and operating profit and margin: 


 
                                                 Three Months Ended         
                                                      March 31,             
                                         ---------------------------------- 
                                               2013              2012       
                                         ----------------  ---------------- 
                                          (in millions, except percentages) 
                                                                            
Net sales                                $   4,697  100.0% $    4,639 100.0%
Less:                                                                       
  Cost of goods sold                         3,728   79.4%      3,724  80.3%
                                         ---------         ----------       
Equipment Operations gross profit        $     969   20.6% $      915  19.7%
Less:                                                                       
  Selling, general and administrative          374    8.0%        360   7.8%
  Research and development                     152    3.2%        149   3.2%
                                         ---------         ----------       
Equipment Operations operating profit    $     443    9.4% $      406   8.8%
                                         =========         ==========       
                                                                            
Gross profit and margin:                                                    
  Agricultural equipment                 $     877   22.2% $      760  21.0%
  Construction equipment                        92   12.2%        155  15.1%
                                         ---------         ----------       
Equipment Operations gross profit        $     969   20.6% $      915  19.7%
                                         =========         ==========       
                                                                            
Operating profit and margin:                                                
  Agricultural equipment                 $     469   11.9% $      372  10.3%
  Construction equipment                       (26)  -3.4%         34   3.3%
                                         ---------         ----------       
Equipment Operations operating profit    $     443    9.4% $      406   8.8%
                                         =========         ==========       
                                                                            
                                                                            
                                                                            
                               CNH GLOBAL N.V.                              
                           SUPPLEMENTAL SCHEDULES                           
             For the Three Months Ended March 31, 2013 and 2012             
                                 (Unaudited)                                

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


 
                                                                            
                                                        Three Months Ended  
                                                            March 31,       
                                                     -----------------------
                                                         2013        2012   
                                                     ----------- -----------
                                                       (in millions, except 
                                                         per share data)    
  Net income attributable to CNH                     $       326 $       269
                                                     ----------- -----------
  Restructuring, net of tax                                    -           -
                                                     ----------- -----------
  Net income before restructuring and exceptional                           
   items                                             $       326 $       269
                                                     =========== ===========
Weighted average shares outstanding - Diluted:                              
    Common Shares                                             33         241
    Common Shares B                                          212           -
                                                                            
    Diluted EPS before restructuring and exceptional                        
     items for Common Shares and Common Shares B     $      1.33 $      1.11
                                                     =========== ===========

 
5. Equipment Operations cash (used) by working capital: 


 
                                                                            
                                                                     Cash   
                     Balance   Effect of                  Balance generated 
                      as of     Foreign                    as of  (used) by 
                     December   Currency     Non-Cash      March   Working  
                     31, 2012 Translation  Transactions  31, 2013  Capital  
                    --------- -----------  ------------  -------- --------- 
                                         (in millions)                      
                                                                            
Accounts, notes                                                             
 receivable and                                                             
 other - net -                                                              
 Total              $     824 $        (2) $         (3) $  1,096 $    (267)
Inventories             3,734          41             9     4,212      (528)
Accounts payable -                                                          
 Total                 (2,932)        (56)            -    (3,124)      248 
                    --------- -----------  ------------  -------- --------- 
Working Capital     $   1,626 $       (17) $          6  $  2,184 $    (547)
                    ========= ===========  ============  ======== ========= 

 
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 
 
 
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