CHICAGO, Ill. (Reuters) – CNH Global NV has reported stronger-than-expected earnings and raised its full-year outlook for global industry sales, saying it is seeing encouraging signs of stability almost everywhere outside Europe.
The American farm and construction equipment manufacturer, an affiliate of Italian carmaker Fiat SpA, posted a first-quarter net profit of $16 million US. For the comparable quarter last year, the company posted a loss of $126 million.
Total revenue rose eight percent to $3.5 billion, lifted by strong sales of construction equipment and combines in Latin America, which offset continued weak conditions in Europe.
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CNH said it now expects that global agriculture equipment markets will be flat to five percent higher in 2010 and that global construction equipment markets will grow 15 to 20 percent in 2010.
The company had previously said it expected global agriculture equipment markets to contract five to 10 percent this year and global construction equipment markets to grow five to 10 percent.
Viterra Inc. has bought some of the assets of Best-Land Agro Inc., a crop input retailer in Brunkild, Man.
The transaction includes two blending plants for bulk and liquid fertilizer, along with storage and warehousing capacity.
Viterra will offer seed, private label crop protection products, equipment and agronomic and financial services at the new service, as well as fertilizer blending and application services, custom spraying and rental application equipment.
Viterra has also signed an exclusive contract with Morse Bros. Ltd. for aerial application services for area customers and entered into a conditional agreement to buy parts of the business.
Morse Bros. is a crop input retailer in Starbuck, Man.
Viterra expects to close that transaction no later than May 30.
The acquisitions will increase the number of Viterra’s retail sites to 261 in Western Canada.
