Fiat Industrial 2Q earns up 26 percent

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Associated Press

Posted on July 31, 2013 at 6:03 AM

Updated Wednesday, Jul 31 at 8:00 AM

MILAN (AP) — Farm equipment proved to be Fiat Industrial's big-earner in the second quarter, as the Italian capital goods company reported year-on-year earnings growth of 26 percent.

The company, which was spun off from Fiat's car business in 2011, said Wednesday that net profit was 272 million euros ($361 million), up from a restated 215 million euros last year, with the sales of agriculture equipment offsetting weaker truck, construction and commercial vehicle results.

The company's U.S.-based CNH agriculture and construction equipment business reported revenues up 6.6 percent over the last year on global demand for tractors.

CNH's full merger into Fiat Industrial takes effect Thursday, following approval by shareholders of both companies. The move shifts the company's capital center to the United States. The new company will be called CNH Industrial.

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