Net sales increased to 30% to 4.6 billion for the third quarter, and up 24% to 13.3 billion for the first nine months of the year. You can see the growth rates in both reported and at constant currency basis for both the third quarter, the nine months of both, the agricultural and construction equipment segment.And the bullet points, equipment operating profit of 460 million for the quarter. Operating margins increased to 10%, compared to 6.8% in the comparable quarter, operating margin at 9.2% on a year-to-date basis versus 6.7% in the first nine months of 2010. Equipment operations net cash position increased by 82 million to 2.3 billion in the first nine months. And net income before restructuring and exceptional items was 272 million for the third quarter and 730 million for the first nine months and you can see on the bottom both, the Q3 and year-to-date, EPS on both, a diluted and a diluted before restructuring exceptionals on the bottom of the slide. I’ll skip to page five because that’s really what I covered in the highlights and let’s go take a look at six. Six is the chart that we use. It gives you net sales by geographic region. For the quarter you see on the 2011 bar to the right. You have the net sales change year-over-year in terms of percentages so across the group’s geographical portfolio; we demonstrated what we’ve seen pretty much on a year-to-date basis. Some pretty good growth across the portfolio, both in construction and the agricultural segment, so a very nice balance in terms of the geographical spread. And really that’s on the back of some pretty robust conditions in terms of the commodity markets. On the ag side and some – and are recovering off a low base on the construction equipment. Show you the arrows as a rate of change versus H1, ‘11, so the only red arrow is on Europe, Africa, the Middle East and the CIS. But that’s off of a pretty robust first half rate, so a little bit of a deceleration, but nothing of any concern.
And then you see the terms, the percent of 2011 total net sales proportionally by region and a pretty healthy split their between North America, Africa, the Middle East and CIS, Latin America and the APAC region, which is really a reflection of the diversified basis of the group’s industrial footprint.Page seven, please. We have net sales and operating profit third quarters, so this is a comparison looking back ag in the left-hand side of the slide and construction agreement to the right side of the slide. On a sales and operating profit basis, we call your attention to the 2011 ag profit of 411 for a quarter that’s repeating the robust conditions that we have seen in 2007 and 2008. So a very good performance on the ag side. You see a return to profitability in construction equipment, I think, as we have guided to the first half of the year you’ll see the construction going to be more of a second-half story, so you see 49 million in operating profit and construction equipment also improving revenue based getting back to within – reaching distance of 2007 and 2008 timeframes. Slide eight we’ll go to equipment operating profit evolutions for the third quarter, no real surprise here. Volume and mix of 185 million, net pricing of 93 million. I think that’s out of all of the data that we will see in the quarter I think in terms of the performance that’s really the best news there, because that’s net pricing that is offset approximately $56 million of quarter-to-quarter headwinds on increased input cost on increased commodity, so a very good price realization both from the ag and the construction equipment side. So on the ag side that’s making up for the increased cost in Tier 4 and the community cost, so a very good execution in terms of pricing discipline and price realization during the quarter. Read the rest of this transcript for free on seekingalpha.com