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CNH sales rise on strong Latin American tractor business

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CNH Industrial reported better-than-expected earnings and revenues, as sales in South America rebound.

The maker of Case and New Holland tractors left its outlook for 2017 unchanged, with net sales expected between $23 and 24bn, as it trimmed its expectations of Latin American combine sales, but saw North American combine sales falling less sharply than before.

CNH saw European agricultural equipment sales flat year-on-year in 2017, where it was previously expecting a slight drop.

Adjusted earnings per share were expected between $0.39 and $0.41.

Rising profits

CNH reported adjusted profits over the first three months of 2017 at $49m, compared to a loss of $513m a year ago.

Earnings per share were at $0.04, beating expectations of $0.03.

Revenues rose by 5.8% year-on-year in the same period, to $5.68bn, beating analyst expectations of $5.40.

Rising agricultural sales

The company reported net sales in its agricultural equipment segment up 10.5% year on year.

The increase in sales was driven by "a strong rebound in demand in Latin America and the continuation of positive market momentum in Asia-Pacific".

Revenues in North America and Europe were flat to slightly lower over the period, as CNH noted "a weak demand environment, partially mitigated by positive pricing".

But CNH shares were down 1.9% in afternoon deals, at E9.83.

By William Clarke

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