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CNH Global's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Equipment Operation’s operating profit of $524 million, that’s 1% better than last year, and the margin that’s implied this 10.4%, 30 basis points lower than last year. The first half operating cash flow of $281 million, that’s up 21% versus last year, but more importantly in Q2 in the quarter itself, we record $789 million of positive operating cash flow, which is 67% better than Q2 of last year and that embeds a positive contribution from working capital, which on a year-to-date basis becomes a negative number. The net income before restructuring, it translates into an EPS of $1.47 versus $1.33 last year.

On slide five, we continue with some of the highlights that I’d just like to touch upon the third line item, which is Financial Services net income being up 50% versus last year on better risk cost of funding and overall higher portfolio’s under management at the level of our Financial Services arm.

And again, Equipment Operation operating cash flow $789 million in the quarter that yields a net debt at the end of the quarter of $2.8 billion. Positive net cash at the end of the quarter that’s $400 million better than what we added at the end of March.

Slide six, provide you with the evolution of the geographic split of our net sales quarter-to-quarter. Not much change in terms of the mix. We still have 43% of North American revenues, 35% Europe and CIS, 13% Latin America and 9% APAC. And all the regions have contributed on a constant currency basis, favorably in terms of growth of revenues in the quarter.

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