; CNH Reports Second Quarter Profit , LAKE FOREST, 111. CNH .Global N.V. recently reported second quarter consolidated net revenues of $2,689 billion com ' pared to revenues of $2,894 bil lion last year. , When adjusted for the impact ,of divestitures and adverse for eign exchange rates, net reve nues were essentially as higher sales of agricultural equipment offset 'lower sales of construction equipment. The company’s 1 second quarter industrial opera ting margin rose to $154 million from $137 million for the same period in 2000. On a net basis, CNH reported a second quarter profit of $6 mil lion, compared to a loss of $3l million, for the second quarter last year. Earnings per share for the quarter, before restructur ing, were $.05 per share, com pared to a loss of $.20 per share in 2000, in line with expecta tions. Earnings per share, after restructuring, were $.02 for the quarter. Per share results for the '2OOO period are based on a lower number of shares. For the first six months of ‘2OOl, consolidated net revenues .totaled $5,143 billion compared to revenues of $5,502 billion last year. During the first half of <2OOl the adverse impact of for eign exchange rates on consoli dated net revenues totaled approximately $220 million; divestitures accounted for a fur ther negative impact of about $2lO million. The company’s in dustrial operating margin for the first six months was $245 million, compared to $l6B mil lion for the same period in 2000. “In spite of the significant de cline in the construction equip ment industry, we have achieved our objectives for the second quarter,” said Paolo Monferino, CNH president and chief execu tive officer. “Our sales of agri cultural equipment have improved substantially, particu larly in North America where we have posted significant share gains both in tractors and com bine harvesters.” During the second quarter, the company achieved merger related profit improvements of approximately $66 million partly due to the company’s ini tial successes in marketing its extensive product offering through its multiple distribution channels. In addition, cost sav ings were achieved through manufacturing efficiencies as well as reductions in material costs and SG&A expenses. Second quarter net sales from Pennsylvania Student Named Intern At Select Sire PLAIN CITY, Ohio Thomas Über, Mercer, Pa., has been selected as the field mar keting intern for Select Sires Inc., Plain City, Ohio. In this ■ role he will work with the Select ' federation’s 10 member cooper , atives by helping locate, fit and photograph daughters of Se lect’s sires. In addition, Über , will assist with other marketing projects while based at the or ganization’s headquarters office Lancaster Farming, Saturday, August 11,2001 -05 / Business * news Equipment Operations were $2,497 billion, compared to $2,723 billion for the same period in 2000. Significant reve nue growth came from sales of agricultural equipment in North America as the company recorded market share gains in an up market. In Europe, the company held production and wholesale levels significantly below retail sales levels in order to reduce dealer inventory. Worldwide revenue from sales of agricultural equip ment were up 5%, net of cur rency impact and divestitures. In sales of heavy equipment, the CNH brands significantly outperformed the industry in both Europe and Latin America but slightly underperformed the industry in the United States. In light equipment, the company’s worldwide market share was es sentially unchanged, as signifi cant share gains in skid steer loaders and other light equip ment lines offset lower sales of backhoe loaders. Market Outlook for Agricul tural Equipment: Through the first half of the year, the indus try in the Americas has contin ued to perform better than last year and somewhat better than expected, with the strongest re sults in the United States and Brazil. As a result, the company now expects the industry will be up by as much as five percent in the Americas for the full year. In Europe, the market has per formed as expected and the fore cast for the full year is unchanged: down by eight per cent. Foot and mouth disease in Western Europe appears to have nearly run its course, but the possible impact of BSE remains unclear. Market Outlook for Construc tion Equipment: In the second quarter, industry sales of con struction equipment were down significantly in North America while Europe and Asia weak ened slightly, and growth in Latin America slowed some what. Although further deterio ration is not expected, neither is any significant recovery antici pated in 2001. CNH Outlook for 2001: The success of the company’s overall integration process is evident in the steady growth of merger re lated profit improvements ($3OO million expected for the full year) and the consistent im provement in the gross margin as well as the significant share gains and reductions in dealer and company inventory re ported this quarter. in Plain City. Über is in his third year at Pennsylvania State University, State College, Pa., majoring in animal sciences with a business option. A member of the univer sity’s dairy science club, he has helped with the Nittany Lion Fall Classic sale, annual cheese box sale and Penn State Dairy Expo. Über also is a volunteer leader of his local 4-H club. Über recently finished an in- ATLANTA, Ga. Asa com plement to its widely acclaimed Fendt tractor line, which the company introduced to North America in early 2000, Agco Corporation has released a new line of Fendt loaders. Available in two series, Fendt loaders are tailor-made specifi cally for the Fendt Vario 400 and 700 Series tractors and are designed to fill two specific niches in the market. For those looking for a custom-fit loader, Agco offers the 3S-63, designed to fit the Fendt 400 Series, and the 3S-70 model, which fits the Fendt 700 Series. Both models are built by Fendt in Germany and are available as factory installed op tions only. That’s because unlike most loaders on the market today, the 3S Series features heavy-duty cast-iron mountings that securely attach to the trac tor’s cast-iron half frame. “The cast-iron-to-cast-iron fit allows for the use of narrow, contoured brackets that permit full maneuverability of the power front axle, and provides easy access to the engine com partment and maintenance areas,” says Kevin Bien, Gen eral Marketing Manager for Fendt products. “Other unique features of the 3S-63 and 3S-70 models include a hydraulic line/ hose breakage safety feature that instantly locks the front loader if a line or hose should break, and a lowering control valve that provides a constant lowering speed irrespective of the load. The 450 HSL and 750 HSL (Hydraulic Self-Leveling) load ers, on the other hand, are built in North America and are avail able as dealer-installed models for customers wishing to add a loader after the purchase. De signed to fit the 400 and 700 Series Fendt tractors respec tively, the 450 HSL and 750 HSL feature a high-tensile-strength boom frame that combines reach, torque and durability. The HSL loaders’ pedestal mount design also assures the same front-axle maneuverability as the 3S Series factory mounted loaders. To top it off, a tractor-matching, powder coat finish provides added durability and appearance by providing re sistance to chipping and rust. “One of the best features about both loader series, though, is the easy mounting and re moval,” says Bien. “It only takes a few minutes, and no tools are ever needed.” According to Bien, much of the credit goes to the unique hy draulic multi-coupler, which groups all five hydraulic cou plers into a single block cou pling. The operator need only line it up and engage the locking handle. All hydraulic circuits are connected without confu sion, contamination or signifi cant oil leakage. For added convenience, the HSL models even include an integral electric third circuit plug-in connection in the multi-coupler. Additional features found on all models include a self-leveling system that automatically main tains bucket angle, regardless of ternship with the Pennsylvania Holstein Association, State Col lege, Pa., where he worked with junior members, represented the association at regional meetings and assisted with marketing cattle. The son of Debra Über, Mercer, Pa., he has been actively involved with the 60-cow herd at his home farm, Amoore Holstein Farm. Agco Introduces New Line Of Fendt Loaders Four new models of Fendt loaders provide owners of 400 and 700 Series Fendt tractors with a choice of high performance loaders in both factory-installed and dealer installed versions. lift height; and a “Quick attach” system that permits fast and easy front attachment changes. “Fendt loader customers will also appreciate the fact that joy stick loader control is already built into the tractor,” Bien adds. “There’s no need to add additional controls to the cab, or fumble with separate remote levers.” Using the crossgate lever lo cated to the right of the operator seat on 400 Series tractors and in the armrest on 700 Series models, the operator has one lever control of all loader func tions. Pushbutton operation of an optional third hydraulic cir cuit control allows the operator to engage a grapple fork or other auxiliary attachment. “Other features which make the 400 and 700 Series Fendt tractors the ideal loader trac tors,” Bien continues, “include the pressure-flow compensated hydraulic system, which ensures Jennings Advances To Bid-Calling Finals OVERLAND PARK, Kan. In the auction industry, Billie J. Jennings of York Haven, Pa., is one of the elite among the elite kept from the world title, in ternational auctioneer cham pion, by a mere fraction of points. The competition, the largest of its kind anywhere, was re cently conducted by the Na tional Auctioneers Association at its 52nd International Confer ence and Show in Boise, Idaho, July 16-22. Only 84 of the association’s more than 6,000 members mus tered sufficient derring-do to enter the competition. Jennings was not only one of these, but also one of only 20 auctioneers (15 men and five women) to ad vance to the finals. In the preliminary round of competition, contestants are re quired to demonstrate their sales capabilities, bid-calling tech nique , and general poise and presence by auctioning three items they’ve never seen before. After 10 intense hours, the field was narrowed to the 20 finalists, who then repeated the bid calling drill following another aspect of the contest that is unique to the finals: an interview in which each contestant (con ducted in isolation to prevent hearing the responses from the other contestants) is asked to re spond to three questions devel oped by the panel of seven judges to assess knowledge, poise, ethics, professional judg ment, and communications skills. All seven judges (five men increased lift capacity and fast loader cycle times, and the for ward/reverse power shuttle, wnich can be shifted from both the Fendt multi-function joy stick and a button on the steer ing column adjustment lever leaving the right hand free for loader operation. “When you add the Fendt tractor’s stepless speed control, proportional crossgate control lever and combine it all with Fendt’s state-of-the-art front loader technology, you end up with a loader tractor that pro vides unmatched performance and efficiency,” he concludes. “Yet, it remains an extremely versatile machine, particularly since the loader can be easily re moved.” Both loader series offer a vari ety of attachments for all four models, as well. They include several sizes of material buckets, two fork attachments, a round bale spear, a bale squeezer and a grapple fork. and two women) were profes sional auctioneers. This year’s winners were, in the men’s division, Scott Musser of Kennewick, Wash., cham pion; Jeffrey Stokes of Edge wood, Wash., first runner-up; and Rick Musick of Eagle, Idaho, second runner-up. In the women’s division, the winners were Jill Marie Wiles of Canby, Ore., champion; Terri Walker of Memphis, Tenn.; first runner-up; and Darlene Davis of Emmett, Idaho, second runner up. (When the lAC competition began in 1988, men and women competed in one division. That was changed in 1994 when the contest was bifurcated into men’s and women’s divisions.) The National Auctioneers As sociation’s 52nd International Conference and Show has more than 1,100 registered attendees, including NAA auctioneers, their families, exhibitors in the trade show and, for the first time ever, auctioneers who are not members of NAA. Jennings participated in nu merous educational offerings at the conference and show, learn ing the latest developments in the marketing speciality that is auctioneering. Topics includes marketing, information technol ogy, legal issues, auction special ities, and advertising and communication, among others. The NAA label indicates, among other desirable qualities, auc tioneers who have access to a comprehensive and coordinated continuing education program.
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