New Holland revenues climb 2%

28 April 1998

New Holland revenues climb 2%

NEW HOLLAND, the worlds largest tractor maker, reported a rise in first quarter earnings of 11% to 71¢ (42p) per share while consolidated revenue rose 2% to $1.527 billion (£916m).

New Holland – majority owned by Fiat – benefited from the continued strong performance of the North American market, according to chief executive Umberto Quadrino.

European tractor sales in the first quarter were down slightly in a flat market. Combine harvester sales outpaced the industry rise, said Quadrino.

Latin America enjoyed growth across all regions and the company gained share in every product category in Brazil.

Chief marketing officer Tom Kennedy was more cautious on the world tractor market for the rest of the year.

New Holland reported a 43% first-quarter fall in British tractor sales because of the ramifications resulting from the BSE crisis and the strong Pound.

• The Scotsman 28/04/98 page 25