Despite improved quarterly results, farm equipment makers CNH Global NV and AGCO Corp. do not expect a soon upturn for the industry. (Industry News).

Despite improved quarterly results, farm equipment makers CNH Global NV and AGCO Corp. do not expect a soon upturn for the industry. CNH Global, Lake Forest, Ill., maker of Case IH and New Holland brand equipment, says industry-wide sales were weaker than expected in the first quarter and predicts 2003 industry sales of tractors and combines will fall slightly below last year's levels in North and Latin America. In spite of the weak market, both companies expect to post a profit in 2003. CNH says its quarterly loss narrowed from a year ago as it controlled costs and rolled out new products. AGCO announced earnings of $12.5 million, compared with a net loss of $26.2 million a year ago.