20 April 1999
Case loses in first quarter

MACHINERY maker Case fell into the red in the first quarter of 1999 hit by low commodity prices and depressed conditions in the farm sector worldwide.

The Wisconsin-based group reported a $48 million loss, with sales down 13% to $1.2bn (£740m). Case reported a profit of $69m last time.

The group expects worldwide sales of farm equipment to be down by between 8% to 10% during the rest of this year.

It is expecting stable demand in the USA, but a modest decline in Europe.