New Holland and the Ag Equipment Group Message Board

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Non-Tech : New Holland and the Ag Equipment Group

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To: Michael Burry who wrote ()	3/6/1999 10:31:00 AM
From: Bob Rudd	Read Replies (1) of 113

A post on Yahoo raised concern about inventories. "The only real negative is the high inventories, the highest of the group. The company appears to have almost 4 months worth of sales sitting on its lots vs. about 1.5 months for DE and 2.5 months for CSE and AG. That's not healthy." It looks like inventories increased by 10.4% over 9/30 qtr despite expressed goal of reducing inventory in the 9/30 qtr report. They say "New Holland enters 1999 with reduced product cost, a sound pricing strategy, and an inventory level more commensurate with industry demand." But that statement may refer to annual or 6 month periods...you can frame statistical presentation to support nearly any point of view. This relative failure to deliver on inventory reduction may be part of the concern being reflected in share prices. Still the key issue is that it is, I feel, more than reflected in the share price.

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