SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

CNH GLOBAL N.V.

     (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F þ Form 40-F o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1): o

     Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(7): o

     (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o No þ

     (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                     .)

 

 

CNH GLOBAL N.V.

Form 6-K for the month of October 2007

List of Exhibits:

1. Press Release entitled, “CNH Third Quarter 2007 Net Income up 82 percent from 2006”

FOR IMMEDIATE RELEASE
For more information contact:
Thomas Witom News and Information		(630) 887-2345
Albert Trefts, Jr. Investor Relations		(630) 887-2385

CNH Third Quarter 2007 Net Income up 82 percent from 2006

	n		Third quarter diluted EPS of $0.51 up 82% from 2006
	n		First 9 months diluted EPS of $1.87 up 72% from 2006
	n		Equipment Operations third quarter gross margin up 1.9 percentage points
	n		CNH Equipment Operations remains net debt free at end of third quarter
	n		Full year 2007 financial outlook increased, with an expected range of diluted EPS, exclusive of restructuring, forecast at $2.55 to $2.60

BURR RIDGE, Illinois (October 23, 2007) – CNH Global N.V. (NYSE:CNH) today reported third quarter 2007 net income of $122 million, up 82 percent compared to net income of $67 million in the prior year. Results include restructuring charges, net of tax, of $26 million in the third quarter of 2007, compared with $4 million in 2006. Net income excluding restructuring charges, net of tax, was $148 million, up 108 percent compared to $71 million in the prior year. Third quarter diluted earnings per share were $0.51, compared with $0.28 per share in 2006. Before restructuring, net of tax, third quarter diluted earnings were $0.62 per share, compared with $0.30 per share in the prior year.

For the first nine months of 2007, net income of $445 million was up 73 percent compared to net income of $257 million in 2006. Results include restructuring charges, net of tax, of $55 million in the first nine months of 2007, compared with $13 million in the prior year. Net income excluding restructuring charges, net of tax, was $500 million in the September year-to-date period, up 85 percent compared to $270 million in 2006. First nine months diluted earnings per share were $1.87, compared with $1.09 per share in the prior year. Before restructuring, net of tax, September year-to-date diluted earnings were $2.10 per share, compared with $1.15 per share in 2006.

“Our Equipment Operations gross margin rose 1.9 percentage points to 19.4%, compared with the third quarter last year – our ninth consecutive quarter of year-over-year gross margin improvement. Our industrial operating margin rose 2.5 percentage points to 8.4%, making it the best third quarter margin in CNH’s history,” said Harold Boyanovsky, CNH President and Chief Executive Officer. “Our growth in the quarter exceeded industry performance, as our actions to revitalize our brands, enhance our customer and quality focus, and leverage our global footprint

continue to gain traction. We are increasing our full year 2007 financial outlook with an expected range of diluted EPS, excluding restructuring, forecast at $2.55 to $2.60.

Highlights for the quarter include:

	•		Worldwide CNH agricultural retail unit volumes showed particular strength in higher horsepower tractors and combines, with increased agricultural industry demand throughout the Americas and Western Europe.
	•		Worldwide construction equipment industry and CNH retail unit sales were up, with sales outside of North America showing continued strength, more than compensating for weaker industry unit sales in North America.
	•		Higher economic-related cost increases, primarily on steel-based products, were offset by positive impacts of exchange rate changes, driving another quarter of positive net price recovery.
	•		Equipment Operations remained in a Net Cash position throughout the quarter. During the quarter the company fully redeemed $1.05 billion of 9 1/4% Senior Notes due 2011, allowing CNH to improve its balance sheet structure and better manage its liquidity. Pre-tax redemption costs of $57 million ($0.15 per diluted share, net of tax) were incurred in the quarter.
	•		CNH, in September, submitted a response in a consolidated arbitration proceeding pending in London before the ICC International Court of Arbitration and booked a provision of $45 million. This cost was included in CNH’s third quarter results, reducing its reported diluted earnings per share, net of tax, by $0.12 for the quarter.
	•		In the third quarter, the company revised its forecast annual consolidated effective tax rate from approximately 40% to 37%, principally due to stronger earnings in certain jurisdictions where no previous tax benefit has been recognized, change in the mix of income from generally higher tax jurisdictions to relatively lower tax jurisdictions, and tax credits and incentives, resulting in a consolidated effective tax rate of 25.9% for the three months ended September 30, 2007.
	•		In August, CNH’s Financial Services in Europe acquired sole ownership of a special purpose trust used to securitize certain wholesale receivables in Europe. Financial Services also took over funding the trust, repaying the third party financing. The transaction was financed through an increase in a debt facility with a related party. Accordingly, Financial Services consolidated approximately $715 million of the trust’s assets and liabilities on its balance sheet as of September 30, 2007.
	•		Conditions in the Brazilian agricultural equipment market have continued to improve with total tractor and combine industry unit sales up 67% compared with the third quarter of 2006 driven primarily by higher soybean and corn prices. The Brazilian government has announced new subsidy programs to support the market but the detailed regulations have not yet been released.

EQUIPMENT OPERATIONS – Third Quarter Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses were $3.6 billion for 2007, compared to $2.7 billion for the same period in 2006. Net sales increased 33% including 6% related to currency.

Agricultural Equipment Net Sales

	•		Agricultural equipment net sales increased to $2.3 billion, up 36% (including 6% related to currency variations), compared with the prior year.
	•		Net sales were up 98% in Latin America (including 9% related to currency variations), up 38% in North America (including 1% related to currency variations), up 26% in Rest-of-World markets (including 8% related to currency variations) and up 25% in Western Europe (including 9% related to currency variations).

Construction Equipment Net Sales

	•		Construction equipment net sales increased to $1.3 billion, up 28% (including 6% related to currency variations), compared to the prior year.
	•		Net sales were up 95% in Rest-of-World markets (including 7% related to currency variations), up 69% in Latin America (including 9% related to currency variations), up 39% in Western Europe (including 8% related to currency variations) but down 7% in North America (including positive 1% related to currency variations).

Gross Margin

Equipment Operations gross margin (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment increased by 47% to $689 million, compared to the third quarter of 2006. As a percent of net sales, gross margin increased 1.9 percentage points to 19.4 %.

	•		Agricultural equipment gross margin increased in both dollars and as a percent of net sales compared to the prior year. Higher volumes, better mix and improved quality costs were the primary contributors.
	•		Construction equipment gross margin increased both in dollars and as a percent of net sales compared to the prior year. Positive industry and retail performance outside of North America and positive net price recovery were offset by effects of the decline in the North American industry.

Industrial Operating Margin

Equipment Operations industrial operating margin (defined as net sales of equipment, less cost of goods sold, SG&A and R&D costs) increased 90% to $300 million, or 8.4% of net sales, compared to $158 million or 5.9% of net sales in the third quarter of 2006. The higher gross margin noted above drove the improvement. SG&A costs increased for exchange rate changes, economics, and investments in enhanced customer care and incentive compensation programs.

R&D costs also increased in dollars, however, as a percent of net sales, both SG&A and R&D costs declined, compared with the third quarter last year.

FINANCIAL SERVICES – Third Quarter Financial Results

Financial Services operations reported a 16% year-over-year increase in net income, to $72 million, its best quarterly result in its history. The increase reflected the impact of higher balances of receivables under management across every region, partially offset by lower gains on a smaller retail ABS transaction. In Brazil, where the details of the new governmental program supporting the agricultural market have not yet been released, the government decreed moratorium on repayments of retail financing obligations has been continued until those detailed regulations are issued. This payment moratorium affects approximately one-half of our Brazilian Financial Services operations $1.7 billion portfolio of agricultural equipment financings. CNH believes that the detailed regulations will be issued shortly and the new support programs, which will be beneficial to CNH’s operations, will be implemented before year-end.

EQUIPMENT OPERATIONS – First Nine Months Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses were $10.9 billion for 2007, compared to $9.1 billion for the same period in 2006. Net sales increased 19% including 5% related to currency.

Agricultural Equipment Net Sales

	•		Agricultural equipment net sales increased to $7.2 billion, up 22% (including 5% related to currency variations), compared with the prior year.
	•		Net sales were up 81% in Latin America (including 7% related to currency variations), up 28% in Rest-of-World markets (including 6% related to currency variations), up 24% in Western Europe (including 9% related to currency variations) and up 10% in North America (with no impact from currency variations).

Construction Equipment Net Sales

	•		Construction equipment net sales increased to $3.7 billion, up 15% (including 5% related to currency variations), compared to the prior year.
	•		Net sales were up 85% in Rest-of-World markets (including 7% related to currency variations), up 46% in Latin America (including 7% related to currency variations), up 40% in Western Europe (including 8% related to currency variations) but down 21% in North America (with no impact from currency variations).

Gross Margin

Equipment Operations gross margin for agricultural and construction equipment increased 29% to $2.1 billion, compared to the first nine months of 2006. As a percent of net sales, gross margin increased 1.5 percentage points to 19.5%.

	•		Agricultural equipment gross margin increased both in dollars and as a percent of net sales compared to the prior year. Higher volumes and better mix, positive net price recovery and reduced quality costs were the primary contributors to the improvement.
	•		Construction equipment gross margin also increased both in dollars and as a percent of net sales compared to the prior year. Positive industry and retail performance outside of North America, positive net price recovery and reduced quality costs were offset by effects of the industry decline in North America and CNH’s actions to reduce dealer inventories.

Industrial Operating Margin

Equipment Operations industrial operating margin increased 51% to $960 million, or 8.8% of net sales, compared to $636 million or 7.0% of net sales in the first nine months of 2006. The higher gross margin noted above drove the improvement. SG&A and R&D costs increased in dollars, but declined slightly as a percent of net sales.

FINANCIAL SERVICES – First Nine Months Financial Results

Financial Services operations reported a 20% year-over-year increase in net income, to $195 million, reflecting the impact of higher balances of receivables under management across every region. As a partial offset, Financial Services recorded lower gains on retail ABS transactions and increases in SG&A costs.

NET DEBT (CASH) AND OPERATING CASH FLOW

Equipment Operations Net Debt (Cash) position (defined as total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables) was Net Cash of $413 million on September 30, 2007 compared to Net Cash of $531 million on June 30, 2007 and to Net Debt of $263 million on December 31, 2006.

In the quarter, Equipment Operations Net Cash decreased by $118 million. Operating activities used $120 million of cash in the quarter, as cash generated from earnings was offset by seasonal changes in other assets and liabilities and increases in working capital. Working Capital (defined as accounts and notes receivable, excluding inter-segment notes receivable, plus inventories less accounts payables), net of currency variations, increased by $123 million in the quarter. Capital expenditures, in the quarter, were $80 million. Year-to-date, Equipment Operations Net Debt has been reduced by $676 million, driven by $793 million of cash generation from operating activities, primarily earnings.

At incurred currency rates, Equipment Operations working capital on September 30, 2007 was $2,291 million, up $186 million from $2,105 million at June 30, 2007.

On August 1, 2007, Case New Holland, Inc. redeemed the full $1.05 billion aggregate principal amount of its outstanding 9 ¹/4% Senior Notes due 2011, with a combination of cash and term

financings from Fiat Finance North America. Rubin McDougal, CNH’s Chief Financial Officer, said that “the action improves CNH’s balance sheet structure while reducing interest expense and will have a net positive earnings impact over time, allowing CNH to better manage its liquidity.” The decision to redeem the notes was facilitated by Standard and Poor’s raising of CNH’s credit rating to BB+, with a positive outlook, at the end of May. Third quarter charges to redeem the notes and write-off remaining unamortized issuance costs totaled $57 million.

Financial Services Net Debt increased by $748 million to $7,409 million on September 30, 2007 from $6,661 million on June 30, 2007, driven primarily by higher levels of receivables.

THIRD QUARTER 2007 BRAND ACTIVITIES

	•		New Holland Agricultural Equipment had multiple product launches, including T9000 series 4-wheel-drive tractors; T8000 series row crop tractors; BR7000 series round balers; a powerful line of H8000 SpeedrowerTM self-propelled windrowers in North America and three higher horsepower CR9000 combine models in Europe. It also expanded its forage harvester and telehandler lineups.
	•		New Holland Construction Equipment strengthened its position by launching new telehandlers, excavators and wheel loaders with improved durability and reliability.
	•		Case IH Agricultural Equipment began shipping its pace-setting Module ExpressTM 625 cotton picker/packager during the third quarter. The environmentally friendly equipment allows farmers to pick, transfer and pack cotton on a single machine without requiring additional investments by the cotton gins to process the bales. The brand also launched new models of the Steiger® and Quadtrac® four-wheel-drive tractors, the largest in its portfolio, and a new line of tillage tools.
	•		Case Construction Equipment launched the 621E wheel loader featuring greater horsepower with increased fuel efficiency and an enhanced ergonomically designed cab with improved worksite visibility and a quieter operator environment.
	•		Case IH expanded its “SERVICE MAX” program from Europe to added North American customers. This 24-hour-a-day/7-day-a-week service provides dealer back-up for after-sales support, dealer contact information, technical service and breakdown assistance including parts procurement from depots, plants and suppliers.
	•		New Holland Agricultural Equipment introduced “TOP SERVICE” to the U.S. market, an industry-leading customer support program with company technical experts and parts and logistics specialists working in tandem with the New Holland dealer network, expanding the program piloted in western Canada and Europe earlier in the year.

AGRICULTURAL EQUIPMENT MARKET OUTLOOK

CNH expects U.S. net farm income in 2007 to be significantly higher than in 2006, bolstered by higher corn, wheat, soybean and cotton prices. The North American market for over-40 horsepower tractors performed better than expected in the third quarter. For the full year, CNH expects North American industry retail sales of over-40 horsepower tractors to be up 5 to 10%, compared with 2006, with sales of over-140 horsepower tractors up about 15%. We expect industry retail unit sales of combines in North America to be up 5 to 10% compared with 2006.

Outside of North America, for the full year, we continue to expect industry retail unit sales of tractors to be flat to up slightly, compared with 2006, with particular strength in the Latin American market which CNH now expects to be up 35 to 40%. We expect tractor industry unit sales in Western Europe to be up as much as 5% compared with 2006, with sales in Rest-of-World markets flat to down slightly from 2006 levels.

We expect the worldwide industry unit retail sales of over-40 horsepower agricultural tractors to be up, as much as 5% compared with 2006, although we expect industry unit sales of under-40 horsepower tractors in North America to be down as much as 5%. In total, CNH expects worldwide agricultural tractor industry unit volumes to be up slightly compared with 2006. We expect that combine sales could be up about 15% compared with 2006, an improvement from our prior outlook.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK

For the full year, CNH expects North American industry retail unit sales of both heavy and light construction equipment to be down 10 to 15% compared with 2006. North American industry sales of both heavy and light construction equipment continued weakening in the third quarter, as housing starts and activity levels declined.

For the year, CNH expects both heavy and light construction equipment industry retail unit sales outside of North America to be up significantly, more than offsetting the decline in North America, following the pattern of the first nine months of the year. CNH expects industry sales of total heavy and light equipment to be up about 15% in Western Europe, up between 30 and 35% in Latin America and up 25 to 30% in Rest-of-World markets.

In total, CNH expects worldwide industry retail unit sales of both heavy and light construction equipment to be up about 10% compared with 2006.

CNH OUTLOOK FOR FULL YEAR 2007

Based on these agricultural and construction equipment market outlooks and the initiatives undertaken in the last two years designed to properly position our four main brands, CNH anticipates that 2007 diluted earnings per share, before restructuring, net of tax, should be in the range of $2.55 to $2.60, compared with $1.53 for the full year 2006.

Restructuring costs, net of tax, in 2007 are expected to be about $90 million primarily related to previously announced actions and the pending arbitration proceeding.

###

CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by about 11,500 dealers in 160 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed at the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat S.p.A. (FIA.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

###

CNH management will hold a conference call later today to review its third quarter 2007 results. The conference call Webcast will begin at approximately 9:00 a.m. U.S. Central Time; 10:00 a.m. U.S. Eastern Time. This call can be accessed through the investor information section of the company’s Web site at www.cnh.com and is being carried by CCBN.

Forward-looking statements. This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements regarding our competitive strengths, business strategy, future financial position, budgets, projected costs and plans and objectives of management, are forward-looking statements. These statements may include terminology such as “may,” “will,” “expect,”, “could”, “should,” “intend,” “estimate,” “anticipate,” “believe,” “outlook,” “continue,” “remain,” “on track,” “goal,” or similar terminology.

Our outlook is predominantly based on our interpretation of what we consider key economic assumptions and involves risks and uncertainties that could cause actual results to differ. Crop production and commodity prices are strongly affected by weather and can fluctuate significantly. Housing starts and other construction activity are sensitive to interest rates and government spending. Some of the other significant factors for us include general economic and capital market conditions, the cyclical nature of our business, customer buying patterns and preferences, foreign currency exchange rate movements, our hedging practices, our customers’ access to credit, actions by rating agencies concerning the ratings of our debt securities and asset backed securities, risks related to our relationship with Fiat S.p.A., political uncertainty and civil unrest or war in various areas of the world, pricing, product initiatives and other actions taken by competitors, disruptions in production capacity, excess inventory levels, the effect of

changes in laws and regulations (including government subsidies and international trade regulations), the results of legal proceedings (including the ultimate outcome of the pending consolidated arbitration proceeding pending in London before the ICC International Court of Arbitration), technological difficulties, results of our research and development activities, changes in environmental laws, employee and labor relations, pension and health care costs, relations with and the financial strength of dealers, the cost and availability of supplies from our suppliers, raw material costs and availability, energy prices, real estate values, animal diseases, crop pests, harvest yields, government farm programs and consumer confidence, housing starts and construction activity, concerns related to modified organisms and fuel and fertilizer costs. Additionally, our achievement of the anticipated benefits of our margin improvement initiatives depends upon, among other things, industry volumes as well as our ability to effectively rationalize our operations and to execute our brand strategy. Further information concerning factors that could significantly affect expected results is included in our Form 20-F for the year ended December 31, 2006.

We can give no assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. We undertake no obligation to update or revise publicly any forward-looking statements.

CNH Global N.V.

Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E.				L.A.				ROW
		'07 B(W)				'07 B(W)				'07 B(W)				'07 B(W)				'07 B(W)
First Quarter 2007 Industry Unit Sales Revised Actual Compared with First Quarter 2006 Actual
Agricultural Equipment:
Agricultural Tractors:
-         Under 40 horsepower			n/a				(1	)%			n/a				n/a				n/a
-         Over 40 horsepower			n/a				6	%			n/a				n/a				n/a
Total Tractors			(3	)%			2	%			4	%			23	%			(11	)%
Combine Harvesters			17	%			12	%			(1	)%			34	%			38	%
Total Tractors and Combines			(2	)%			3	%			4	%			24	%			(10	)%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			26	%			(25	)%			40	%			41	%			76	%
Skid Steer Loaders			(3	)%			(16	)%			9	%			48	%			43	%
Other Light Equipment			18	%			(10	)%			28	%			40	%			25	%
Total Light Equipment			15	%			(15	)%			27	%			42	%			38	%
Total Heavy Equipment			17	%			(10	)%			25	%			45	%			30	%
Total Light & Heavy Equipment			16	%			(14	)%			27	%			43	%			34	%
Second Quarter 2007 Industry Unit Sales Revised Actual Compared with Second Quarter 2006 Actual
Agricultural Equipment:
Agricultural Tractors:
-         Under 40 horsepower			n/a				(2	)%			n/a				n/a				n/a
-         Over 40 horsepower			n/a				6	%			n/a				n/a				n/a
Total Tractors			1	%			1	%			(0	)%			34	%			(3	)%
Combine Harvesters			21	%			1	%			(2	)%			83	%			48	%
Total Tractors and Combines			1	%			1	%			(1	)%			36	%			(1	)%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			22	%			(14	)%			22	%			19	%			67	%
Skid Steer Loaders			(4	)%			(14	)%			7	%			65	%			15	%
Other Light Equipment			10	%			(9	)%			14	%			16	%			25	%
Total Light Equipment			9	%			(12	)%			14	%			29	%			34	%
Total Heavy Equipment			17	%			(16	)%			24	%			46	%			35	%
Total Light & Heavy Equipment			12	%			(13	)%			17	%			37	%			35	%
First Half 2007 Industry Unit Sales Estimated Actual Compared with First Half 2006 Actual
Agricultural Equipment:
Agricultural Tractors:
-         Under 40 horsepower			n/a				(2	)%			n/a				n/a				n/a
-         Over 40 horsepower			n/a				6	%			n/a				n/a				n/a
Total Tractors			(1	)%			1	%			2	%			29	%			(7	)%
Combine Harvesters			19	%			5	%			(2	)%			47	%			45	%
Total Tractors and Combines			(0	)%			1	%			2	%			30	%			(6	)%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			24	%			(19	)%			31	%			28	%			72	%
Skid Steer Loaders			(3	)%			(15	)%			8	%			57	%			27	%
Other Light Equipment			14	%			(10	)%			20	%			27	%			25	%
Total Light Equipment			12	%			(14	)%			20	%			34	%			36	%
Total Heavy Equipment			17	%			(13	)%			25	%			45	%			32	%
Total Light & Heavy Equipment			14	%			(13	)%			21	%			40	%			34	%

CNH Global N.V.

Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E.				L.A.				ROW
		'07 B(W)				'07 B(W)				'07 B(W)				'07 B(W)				'07 B(W)
Third Quarter 2007 Industry Unit Sales Estimated Actual Compared with Third Quarter 2006 Actual
Agricultural Equipment:
Agricultural Tractors:
-         Under 40 horsepower			n/a				(6	)%			n/a				n/a				n/a
-         Over 40 horsepower			n/a				9	%			n/a				n/a				n/a
Total Tractors			2	%			0	%			7	%			49	%			(4	)%
Combine Harvesters			11	%			17	%			(0	)%			158	%			(32	)%
Total Tractors and Combines			3	%			1	%			7	%			53	%			(5	)%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			28	%			(9	)%			21	%			37	%			60	%
Skid Steer Loaders			(1	)%			(7	)%			3	%			23	%			10	%
Other Light Equipment			8	%			(8	)%			11	%			35	%			15	%
Total Light Equipment			10	%			(8	)%			11	%			33	%			24	%
Total Heavy Equipment			15	%			(15	)%			21	%			26	%			31	%
Total Light & Heavy Equipment			12	%			(10	)%			14	%			29	%			27	%
First Nine Months 2007 Industry Unit Sales Estimated Actual Compared with First Nine Months 2006 Actual
Agricultural Equipment:
Agricultural Tractors:
-         Under 40 horsepower			n/a				(3	)%			n/a				n/a				n/a
-         Over 40 horsepower			n/a				7	%			n/a				n/a				n/a
Total Tractors			0	%			1	%			3	%			36	%			(6	)%
Combine Harvesters			17	%			11	%			(1	)%			73	%			22	%
Total Tractors and Combines			1	%			1	%			3	%			38	%			(5	)%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			25	%			(16	)%			27	%			31	%			67	%
Skid Steer Loaders			(3	)%			(13	)%			7	%			43	%			21	%
Other Light Equipment			12	%			(9	)%			17	%			30	%			21	%
Total Light Equipment			11	%			(12	)%			17	%			34	%			32	%
Total Heavy Equipment			16	%			(14	)%			23	%			38	%			32	%
Total Light & Heavy Equipment			13	%			(13	)%			19	%			36	%			32	%
Full Year 2007 Industry Unit Sales Forecast Compared with Full Year 2006 Estimated Actual
Agricultural Equipment:
Agricultural Tractors			0-5	%			0-5	%			0-5	%			35-40	%			(0-5	)%
Combine Harvesters			~15	%			5-10	%			(0-5	)%			70-75	%			15-20	%
Construction Equipment:
Total Light Equipment			~10	%			(10-15	)%			10-15	%			~30	%			25-30	%
Total Heavy Equipment			10-15	%			(10-15	)%			15-20	%			35-40	%			25-30	%

CNH Global N.V.
Revenues and Net Sales
(Unaudited)

		Three Months Ended												Nine Months Ended
		September 30,												September 30,
										%												%
		2007				2006				Change				2007				2006				Change
										(In Millions)
Revenues:
Net sales
Agricultural equipment		$	2,299			$	1,695				36	%		$	7,205			$	5,905				22	%
Construction equipment			1,258				984				28	%			3,689				3,221				15	%
Total net sales			3,557				2,679				33	%			10,894				9,126				19	%
Financial services			313				253				24	%			829				705				18	%
Eliminations and other			(36	)			(10	)							(93	)			(44	)
Total revenues		$	3,834			$	2,922				31	%		$	11,630			$	9,787				19	%
Net sales:
North America		$	1,343			$	1,121				20	%		$	4,109			$	4,197				(2	%)
Western Europe			1,151				884				30	%			3,611				2,798				29	%
Latin America			436				237				84	%			1,173				715				64	%
Rest of World			627				437				43	%			2,001				1,416				41	%
Total net sales		$	3,557			$	2,679				33	%		$	10,894			$	9,126				19	%

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED INCOME STATEMENTS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Three Months Ended								Three Months Ended								Three Months Ended
		September 30,								September 30,								September 30,
		2007				2006				2007				2006				2007				2006
										(In Millions, except per share data)
Revenues
Net sales		$	3,557			$	2,679			$	3,557			$	2,679			$	—			$	—
Finance and interest income			277				243				53				51				313				253
Total			3,834				2,922				3,610				2,730				313				253
Costs and Expenses
Cost of goods sold			2,868				2,209				2,868				2,209				—				—
Selling, general and administrative			354				279				289				221				65				58
Research and development			100				91				100				91				—				—
Restructuring			36				4				36				4				—				—
Interest expense			234				153				138				82				135				94
Interest compensation to Financial Services			—				—				60				55				—				—
Other, net			107				89				75				59				20				14
Total			3,699				2,825				3,566				2,721				220				166
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			135				97				44				9				93				87
Income tax provision			35				39				13				11				24				27
Minority interest			6				3				6				3				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			3				2				72				62				3				2
Equipment Operations			25				10				25				10				—				—
Net income		$	122			$	67			$	122			$	67			$	72			$	62
Weighted average shares outstanding:
Basic			236.9				235.8
Diluted			238.1				236.0
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.62			$	0.30
EPS		$	0.51			$	0.28
Diluted:
EPS before restructuring, net of tax		$	0.62			$	0.30
EPS		$	0.51			$	0.28
Dividends per share		$	—			$	—

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED INCOME STATEMENTS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Nine Months Ended								Nine Months Ended								Nine Months Ended
		September 30,								September 30,								September 30,
		2007				2006				2007				2006				2007				2006
		(In Millions, except per share data)
Revenues
Net sales		$	10,894			$	9,126			$	10,894			$	9,126			$	—			$	—
Finance and interest income			736				661				141				136				829				705
Total			11,630				9,787				11,035				9,262				829				705
Costs and Expenses
Cost of goods sold			8,773				7,482				8,773				7,482				—				—
Selling, general and administrative			1,050				911				872				737				178				174
Research and development			289				271				289				271				—				—
Restructuring			76				15				76				15				—				—
Interest expense			522				448				287				255				328				258
Interest compensation to Financial Services			—				—				177				171				—				—
Other, net			270				272				182				178				50				39
Total			10,980				9,399				10,656				9,109				556				471
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			650				388				379				153				273				234
Income tax provision			240				161				157				83				85				77
Minority interest			16				17				16				17				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			7				6				195				163				7				6
Equipment Operations			44				41				44				41				—				—
Net income		$	445			$	257			$	445			$	257			$	195			$	163
Weighted average shares outstanding:
Basic			236.7				205.8
Diluted			237.7				236.0
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	2.11			$	1.31
EPS		$	1.88			$	1.25
Diluted:
EPS before restructuring, net of tax		$	2.10			$	1.15
EPS		$	1.87			$	1.09
Dividends per share		$	0.25			$	0.25

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		September 30,				December 31,				September 30,				December 31,				September 30,				December 31,
		2007				2006				2007				2006				2007				2006
		(In Millions)
Assets
Cash and cash equivalents		$	895			$	1,174			$	298			$	703			$	597			$	471
Deposits in Fiat affiliates cash management pools			992				497				982				496				10				1
Accounts, notes receivable and other — net			10,162				6,549				1,564				1,314				8,833				5,344
Intersegment notes receivable			—				—				1,762				1,445				—				—
Inventories			3,330				2,735				3,330				2,735				—				—
Property, plant and equipment — net			1,376				1,307				1,372				1,295				4				12
Equipment on operating leases — net			432				254				—				—				432				254
Investment in Financial Services			—				—				2,044				1,788				—				—
Investments in unconsolidated affiliates			470				457				370				354				100				103
Goodwill and intangibles			3,143				3,144				2,981				2,998				162				146
Other assets			1,879				2,157				1,432				1,386				447				771
Total Assets		$	22,679			$	18,274			$	16,135			$	14,514			$	10,585			$	7,102
Liabilities and Equity
Short-term debt		$	3,644			$	1,270			$	516			$	488			$	3,128			$	782
Intersegment short-term debt			—				—				—				—				1,762				1,348
Accounts payable			2,506				1,881				2,603				1,939				126				42
Long-term debt			5,239				5,132				2,113				2,419				3,126				2,713
Intersegment long-term debt			—				—				—				—				—				97
Accrued and other liabilities			5,546				4,871				5,159				4,548				399				332
Total Liabilities			16,935				13,154				10,391				9,394				8,541				5,314
Equity			5,744				5,120				5,744				5,120				2,044				1,788
Total Liabilities and Equity		$	22,679			$	18,274			$	16,135			$	14,514			$	10,585			$	7,102
Total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables (“Net Debt”)		$	6,996			$	4,731			$	(413	)		$	263			$	7,409			$	4,468

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AND SUPPLEMENTAL INFORMATION
(Unaudited)

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Nine Months Ended								Nine Months Ended								Nine Months Ended
		September 30,								September 30,								September 30,
		2007				2006				2007				2006				2007				2006
		(In Millions)
Operating Activities:
Net income		$	445			$	257			$	445			$	257			$	195			$	163
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			265				230				210				197				55				33
Intersegment activity			—				—				(4	)			(84	)			4				84
Changes in operating assets and liabilities			(1,179	)			(170	)			237				77				(1,416	)			(247	)
Other, net			3				126				(95	)			77				(37	)			(41	)
Net cash from operating activities			(466	)			443				793				524				(1,199	)			(8	)
Investing Activities:
Expenditures for property, plant and equipment			(175	)			(117	)			(170	)			(114	)			(5	)			(3	)
Expenditures for equipment on operating leases			(247	)			(111	)			—				—				(247	)			(111	)
Net (additions) collections from retail receivables and related securitizations			(765	)			(118	)			—				—				(765	)			(118	)
Net (deposits in) withdrawals from Fiat affiliates cash management pools			(435	)			(84	)			(427	)			(84	)			(8	)			—
Other, net			20				38				(11	)			(3	)			31				41
Net cash from investing activities			(1,602	)			(392	)			(608	)			(201	)			(994	)			(191	)
Financing Activities:
Intersegment activity			—				—				(222	)			(119	)			222				119
Net increase (decrease) in indebtedness			1,779				(121	)			(317	)			(216	)			2,096				95
Dividends paid			(59	)			(59	)			(59	)			(59	)			(60	)			(73	)
Other, net			(9	)			(9	)			(9	)			(9	)			—				—
Net cash from financing activities			1,711				(189	)			(607	)			(403	)			2,258				141
Other, net			78				26				17				6				61				20
Increase (decrease) in cash and cash equivalents			(279	)			(112	)			(405	)			(74	)			126				(38	)
Cash and cash equivalents, beginning of period			1,174				1,245				703				858				471				387
Cash and cash equivalents, end of period		$	895			$	1,133			$	298			$	784			$	597			$	349