Reuters: Global Markets: CNH Industrial profit falls on strong euro

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Join Delanceyplace Sign up to receive a free quote from a non fiction book every weekday. From our sponsors

CNH Industrial profit falls on strong euro Oct 31st 2013, 14:22 Share this Email Print Reprints MILAN | Thu Oct 31, 2013 10:22am EDT MILAN (Reuters) - Tractor and truck maker CNH Industrial's (CNHI.MI) (CNHI.N) third-quarter profit fell as a stronger euro hurt its Latin American business and its truck business suffered from pricing pressure in a flat market. The sister company of Italian car maker Fiat (FIA.MI) stuck to its full-year targets on Thursday as a strong performance from high-margin agricultural machinery is expected to offset weakness in trucks and construction equipment. CNH Industrial, which competes with Caterpillar Inc (CAT.N) and Deere & Co (DE.N), said third-quarter revenue fell 1.5 percent to 6.22 billion euros ($8.57 billion). It makes about 45 percent of its agricultural and construction equipment sales in North America, 17 percent in Latin America, and 26 percent in Europe. CNH Industrial's results were the first since the merger between Fiat Industrial and its U.S. unit CNH. Net profit fell to 248 million euros from 291 million a year earlier. Trading profit (earnings before interest, tax and one-time items) at truck unit Iveco, which accounts for about a third of the group's sales, fell 95 percent to 15 million euros. Net revenue however rose nearly 2 percent to 2.09 billion euros because of what the company said was a "modest recovery" in European demand. CNH Industrial confirmed its 2013 targets of a 3-4 percent revenue increase, a trading margin of between 7.5-8.3 percent and net industrial debt of between 1.4 billion-1.6 billion euros. Shares in Milan, where the company had its secondary listing, fell 1 percent. (Reporting by Jennifer Clark; Editing by Erica Billingham) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions