CNH Returns to Profitability in the Fourth Quarter and 2003, Excluding Restructuring Charges

Heavy equipment manufacturer, CNH Global N.V. has reported fourth quarter net income of $29 million compared to a fourth quarter 2002 net loss of $4 million, excluding restructuring charges in both periods. In the fourth quarter, the company took a $140 million restructuring charge, net of tax, related to the execution of its manufacturing rationalization plan. Including this restructuring charge, the company recorded a fourth quarter 2003 net loss of $111 million, compared to a net loss of $25 million, which included restructuring charges of $21 million, in the fourth quarter of 2002. For the full year, CNH's net income of $30 million in 2003 compares favourably to a loss of $63 million in 2002, excluding restructuring charges in both years, and excluding the cumulative effect of a change in accounting principle in 2002 related to goodwill impairment.