Extract
Case Corporation Announces First Quarter Results.
RACINE, Wis.--(BUSINESS WIRE)--April 19, 1999--
- Worldwide revenues of $1.2 billion, down 13 percent, with a net loss of $48 million or ($.68) per share for the quarter, primarily due to significant sales declines in high-margin, large agricultural equipment and unfavorable economic conditions in Brazil - Case Capital's managed portfolio grows to a record $7 billion Case Corporation (NYSE:CSE) today announced a net loss of $48 million or ($.68) per share in the first quarter of 1999. In the prior year period, Case reported net income of $69 million or $.88 per share. The soft global economic picture continues to impact many of the markets for Case's products, particularly in key segments. The company previously announced production schedule adjustments, primarily in high-horsepower machines, driven by the drop in demand for agricultural equipment and ongoing economic uncertainties in several markets. As a result, revenues decreased 13 percent to $1.2 billion, down from $1.4 billion in the first quarter of 1998. The decline was partially offset by the impact of acquisitions and higher price realization in both the agr...See the full content of this document
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