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A good quarter for CNH Global

CNH Global reporting a good first quarter. The parent company of Case I-H says net sales rose 6.1 percent to $3.2 billion and an operating profit of $144 million for the quarter. That compares to $105 million in the first quarter last year. Diluted Earnings Per Share before restructuring and exceptional items was 16 cents compared to a loss of 53 cents per share a year ago.

The company says better-than-expected demand for tractors and combines in the Americas more than offset reduced sales in Europe while Asia and the Middle East showed signs of improvement.

The construction equipment side of the company saw good business in Latin America and some Asian countries along with improving conditions in North America. That was enough to offset sluggish demand in Western Europe.

Equipment Operations ended the quarter with a net cash position of $756 million, up 43% from the end of fiscal year 2009 and 185% from the same period last year.

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