CNH GLOBAL N V
			Symbol			CNH

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CNH Reports Third Quarter 2009 Results

2009-10-21 05:09 ET - News Release

BURR RIDGE, IL -- (MARKET WIRE) -- 10/21/09

CNH Global N.V. (NYSE: CNH)

--  Despite significant industry-wide decline in sales, CNH records
    positive Operating Profit of $72 million
--  Stringent working capital management generated cash flow of $255
    million
--  Strengthened liquidity as a result of two large funding transactions
--  Significant Construction Equipment restructuring milestones achieved
    

Notwithstanding a slowdown in its Agricultural Equipment Net Sales (23% year-over-year) and a dramatic reduction in its Construction Equipment Net Sales (56% year-over-year), CNH reported Operating Profit of $72 million in the third quarter (down from $339 million in the third quarter of 2008) on Net Sales of $2,960 million (32% lower than the third quarter of 2008). CNH maintained its program of aggressive production controls to offset the effects of continuing weak market conditions. Accounts receivable reduction of $281 million and inventory reduction of $440 million were the primary drivers of improved cash flow which reduced Equipment Operations' Net Debt by $155 million.

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