This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CNH Global's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Richard Tobin

Thank you, Manfred. Before Camillo goes through the bulk of the explanations [ph] on the financials I’ll make some opening comments. Clearly it’s been a strong quarter by CNH, so commercial industrial execution was satisfactory, product availability during the quarter was good which you’ll see in some of the slides on inventory both dealer and company inventory. So we were able to supply our customers with product that they’ve needed. You all know that we’ve had at least in Europe and North America a little bit of an early start to the season, so that’s driven some volume demand earlier than historically that we’ve ever seen which is generally in the Q2, Q3 period. So overall we think that we are adequately positioned to meet demand in Q2. We’ve got some information in terms of where we stand on backlogs and the like. So, overall, a good start to the year operationally and we’ll go from there.

I know that many of you are going to ask questions about [inaudible] or talking about guidance going forward as you can see from the press release and the presentation. We are reaffirming guidance that we’ve given on January 27th. We’ll revisit our guidance as we discussed in January, in July after the second quarter principally because historically that’s the way we do it, but in principle we’d like to get an idea of what the impact of the heavier demand in Q1, what that means in the second half of the year. We still have as you all know a bit of a difficult economic environment in Europe and we want to see how that plays out and we have a clear understanding as our backlogs proceed over the year there.

I know many of you are going ask the question about upgrading guidance, we’re not going do so on today’s call but we’re more than willing to take on the questions of what we see in the individual markets.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs