Italian-based Fiat Industrial reporting a good third quarter. The parent company of Case IH and New Holland reports revenues for the quarter ending September 30th were 6.3 billion Euros ($8.1 billion U.S.), up 7.9 percent from the third quarter of 2011. Trading profit was 575 million Euros ($745 mil U.S.), up 91 million Euros from the same quarter a year ago thanks to strong performance from CNH. Net profit for the quarter was 297 million Euros, a 45.6 percent increase over the 204 million Euros a year ago.
The group raised it projected 2012 revenues to more than 25 billion Euros ($32.3 billion U.S.) with net profit of 900 million Euros ($1.166 B)
While CNH reported a 27 percent increase in ag equipment sales, driven by high horsepower tractors in North America, Fiat Industrial said sales at its Iveco truck business were down 7 percent from a year ago due to continued economic decline in Europe. The contraction in truck sales also hurt performance of the powertrain division, which reported a 12.9 percent decline in revenues.
Fiat Industrial SPA currently owns 88 percent of CNH and made a stock-swap bid for the remainder of the company earlier this month. That bid was rejected by the independent shareholders who said it was too low.
Read more on the third quarter results here:
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