MILAN, Italy -- 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 per cent.
The company, which was spun off from Fiat's car business in 2011, said Wednesday that net profit was $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 per cent 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 centre to the United States. The new company will be called CNH Industrial.
