CNH Declares Quarterly Profit

LAKE FOREST - Feb 5/04 - SNS -- CNH Global N.V. 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 favorably 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.

Fourth quarter sales of agricultural equipment. Net sales of agricultural equipment increased to $1.885 billion for the quarter, compared to $1.646 billion in the fourth quarter of 2002. Net sales of agricultural equipment increased in the quarter reflecting currency variations and strong sales of the company's new line of combine harvesters across the three major markets of North America, Europe, and Latin America.

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