Full year 2008 net income for CNH was $825 million, up 48% from 2007. A record performance in agricultural equipment balanced out the decline within construction equipment sales. In their fourth quarter, the growth in industry sales of higher horsepower tractors and combines exceeded the growth of the overall agricultural equipment market.
Looking toward 2009, CNH predicts worldwide industry retail unit sales will be impacted by tight financial and credit conditions in certain regions. And cash grain commodity prices will remain at higher levels than in 2007 while farm production input cost pressures will abate. They also expect the weakness in global construction equipment industry sales to continue into 2009.
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