CNL raises lower end of 2008 profit guidance range citing strong farm equipment demand
BURR RIDGE, Ill. (AP) -- CNH Global NV, a Netherlands-based heavy equipment company, on Wednesday raised the lower end its fiscal year profit outlook range citing positive expectations for farm equipment demand.
CNH said it now expects to post a 2008 profit of $3.40 per share to $3.60 per share, compared with its previous prediction of $3.30 per share to $3.60 per share. The estimate excludes restructuring charges.
Analysts polled by Thomson Financial expect profit of $3.37 per share, excluding restructuring charges, for the year.
Revenue is expected to be up about 25 percent from 2007. Based on the company's 2007 revenue of $4.33 billion, the guidance projects 2008 revenue of $5.41 billion.
CNH said the outlook for the global agricultural industry remains excellent, with high commodity prices and low commodity stocks fueling continued growth in global demand for higher horsepower tractors and combines.
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