CNH posted net income of $326 million in the first quarter, up 21 percent from the same period last year.
Results were driven by continued solid market conditions in the agricultural sector, satisfactory industrial performance and improved results by the group’s financial services business, the company said.
First quarter diluted earnings per common share (before restructuring and exceptional items) were $1.33 per share, up from $1.11 per share in 2012 and beating analysts’ expectation of 95 cents.
Equipment sales rose one percent to $4.697 billion. Agricultural equipment sales rose nine percent to $3.9 billion and construction equipment sales declined 26 percent to $754 million.
For the full year, the company expects agricultural equipment unit volume sales to be flat to down five percent and its equipment unit sales to fall by five to 10 percent.
Overall revenue for the year is expected to rise by five percent.