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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.

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