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.

(Translation of Registrant’s Name Into English)

World Trade Center
Tower B, 10^th Floor
Amsterdam Airport
The Netherlands

(Address of Principal Executive Offices)

     (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 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 2006

List of Exhibits:

1.

News release entitled, “CNH Reports Third Quarter 2006 Net Income of $67 million, up 148 percent from $27 million in Third Quarter 2005”

FOR IMMEDIATE RELEASE
For more information contact:

Thomas Witom News and Information            (847) 955-3939
Albert Trefts, Jr. Investor Relations               (847) 955-3821

CNH Reports Third Quarter 2006 Net Income of $67 million, up
148 percent from $27 million in Third Quarter 2005

	n		Equipment Operations third quarter gross margin up 1.8 percentage points
	n		Improved full-year 2006 outlook for diluted EPS before restructuring costs — raised to a range of $1.40 to $1.50 per share from range of $1.30 to $1.40 per share
	n		Global actions initiated to accelerate cost reductions, including optimization of North American Agricultural Equipment manufacturing footprint

LAKE FOREST, Illinois (October 25, 2006) – CNH Global N.V. (NYSE:CNH) today reported third quarter 2006 net income of $67 million, up 148 percent compared to net income of $27 million in the third quarter of 2005. Results include restructuring charges, net of tax, of $4 million in the third quarter of 2006, and $16 million in the third quarter of 2005. Third quarter diluted earnings per share were $0.28, compared with $0.12 per share in 2005. Before restructuring, net of tax, third quarter diluted earnings were $0.30 per share, compared with $0.19 per share in 2005.

“We were pleased at the continued strength of our construction equipment markets in the quarter outside of North America,” said Harold Boyanovsky, CNH president and chief executive officer. “Our Equipment Operations gross margin improvement has continued into the third quarter, up 1.8 percentage points compared with last year, despite slightly lower revenues, and is up 2.2 percentage points for the first nine months compared with last year. These results strengthen our confidence in our full year targets.”

Highlights for the quarter included the following:

•

Research and development spending increased 21% from the same period in 2005, reflecting CNH’s continued investments in product innovation and quality.

	•		The company launched a new line of utility tractors to provide reliable power and economical simplicity in an affordable package for modest budgets and a new, expanded line of front-end loaders with industry leading visibility and a quick automatic lock which makes it easy to mount or dismount the loader without tools. In total, the company launched 15 new or upgraded products, as part of its ongoing product innovation and quality improvement initiatives.
	•		As the company has continued to improve its product value positioning with customers, it was able to maintain pricing at a higher level than its total economics and currency related cost increases, resulting in another quarter of positive net price recovery for both Agricultural and Construction Equipment Operations.
	•		To accelerate cost reduction activities, CNH today initiated new global initiatives, including the closure of its Belleville, PA and Goodfield, IL agricultural manufacturing facilities to improve manufacturing efficiencies. Production from these two plants will be relocated to other existing facilities in North America and Poland (which will assume full responsibility for production of European balers).
	•		In September, Rubin J. McDougal was appointed Chief Financial Officer, succeeding Michel Lecomte who was appointed President of Parts and Services Operations. In addition, Randy Baker, Senior Vice President for Logistics and Supply Chain was appointed President of Case IH Agricultural Equipment, while retaining his Logistics and Supply Chain responsibilities ad-interim.

EQUIPMENT OPERATIONS — Third Quarter Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $2.7 billion for 2006, compared to $2.8 billion for the same period in 2005. Net of currency variations, net sales decreased by 6% compared with the prior year.

Agricultural Equipment Net Sales

	•		Increased sales of tractors, specialty harvesting and hay & forage products were offset by lower sales of combines, reflecting the combine industry declines in the North and Latin American and Rest of World markets, resulting in a 7% decline in Agricultural equipment net sales to $1.7 billion, compared with the prior year. Excluding currency variations, net sales were down 10%.
	•		Net sales were up 16% in Latin America and up 3% in Western Europe, excluding currency variations. Net sales in North America and Rest of World markets declined by 23% and 2% respectively, excluding currency variations.
	•		Case IH introduced new or upgraded products including an upgraded MX Magnum tractor in Brazil, new compact tractors with cabs, an upgraded JX utility tractor, an upgraded Axial-Flow combine for Latin America and upgraded and re-powered models of sprayers.
	•		New Holland introduced new or upgraded products including new compact tractors featuring “Super Suite” cabs, new utility tractor loaders, a new line of

			economy utility tractors for the North American market and a new mid-size combine in Brazil.
	•		Worldwide production of agricultural tractors and combines was approximately 7% lower than retail unit sales in the quarter, following the company’s normal seasonal pattern to decrease company and dealer inventories after the spring selling season.

Construction Equipment Net Sales

	•		Increased sales of light construction equipment products, including the new line of compact tracked loaders led a 4% increase in net sales of construction equipment to approximately $1 billion, compared to last year. Net sales were up 1% excluding currency variations.
	•		Net sales increased 18% in Western Europe in a strong industry environment, 21% in Latin America and 8% in Rest-of-World markets, excluding currency variations. Net sales in North America declined 12%, excluding currency variations, in a weaker industry environment.
	•		New Holland Construction Equipment introduced re-powered and upgraded dozers in Europe and Latin America with increased pushability and leveling performance.
	•		Sales in the quarter were constrained as overall component demand outstripped CNH’s supply base’s installed capacity, creating some temporary parts shortages such as hydraulic components for excavators.
	•		Worldwide production was approximately 2% lower than retail unit sales in the quarter.

Gross Margin

Equipment Operations gross margin (defined as net sales of equipment less cost of goods sold) for agricultural and construction equipment increased by 8% to $470 million, compared to the third quarter of 2005. As a percent of net sales, gross margin increased 1.8 percentage points to 17.5%.

	•		Agricultural equipment gross margin increased in both dollars and as a percent of net sales compared to the prior year. Positive price recovery and other actions, more than offset the impact of company actions to reduce dealer and company inventories and weaker combine industry volumes.
	•		Construction equipment gross margin also increased in both dollars and as a percent of net sales. Positive price recovery and manufacturing efficiencies contributed to the improvement.

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 21% to $158 million, or 5.9% of net sales, compared to $131 million or 4.7% of net sales in the third quarter of 2005. The higher gross margin noted above drove the improvement, while SG&A costs as a percent of sales were unchanged from the prior year. Increased investments in R&D to increase product innovation by brand and to improve product quality were a partial offset.

Adjusted EBITDA

Adjusted EBITDA for Equipment Operations (defined as net income excluding net interest expense, income tax provision (benefit), depreciation and amortization and restructuring) increased 16% to $185 million, or 6.9% of net sales, compared to $160 million in 2005, or 5.8% of net sales. Interest coverage, on a last 12 months basis (defined as adjusted EBITDA for the past 12 months divided by net interest expense for the past 12 months) was 5.0 times for the period ended September 30, 2006, compared with 3.2 times for the same period ended September 30, 2005.

FINANCIAL SERVICES — Third Quarter Financial Results

Financial Services operations reported a 19% increase in net income, to $62 million, reflecting portfolio growth and higher gains on asset backed securitizations partially offset by the impact of higher funding costs and higher SG&A and other expense.

CNH Year-to-Date Financial Results

CNH’s net income for the nine months rose 65% to $257 million, compared to $156 million for 2005. Results include restructuring charges, net of tax, of $13 million in 2006, and $24 million in 2005. Nine month diluted earnings per share increased 63% to $1.09, compared to $0.67 per share in 2005. Before restructuring, net of tax, diluted earnings per share were $1.15, compared with $0.77 per share in 2005.

EQUIPMENT OPERATIONS — Year-to-Date Financial Results

Net sales of equipment, comprising the company’s agricultural and construction equipment businesses, were $9.1 billion, compared to $9.0 billion in 2005. Net of currency variations, net sales increased by 1% over the prior year.

Adjusted EBITDA for Equipment Operations increased by 19% to $671 million, or 7.4% of net sales, compared to $564 million in 2005, or 6.3% of net sales.

FINANCIAL SERVICES — Year-to-Date Financial Results

Financial Services operations reported 12% higher net income of $163 million, compared to $145 million last year, reflecting portfolio growth and higher gains on asset backed securitizations partially offset by higher Brazilian agricultural equipment credit losses, higher funding costs and higher SG&A and other expense.

NET DEBT AND OPERATING CASH FLOW

Equipment Operations Net Debt (defined as total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables) was $378 million on September 30, 2006, compared to $137 million at June 30, 2006, $719 million at December 31, 2005 and $839 million at September 30, 2005. Net debt to net capitalization was 6.6% at September 30, 2006, down from12.5% at December 31, 2005. As of September 30, 2006, CNH had 235.9 million common shares outstanding.

In the quarter, net debt increased by $241 million principally because of $180 million of cash used by operating activities, primarily increased working capital, and $58 million of

capital expenditures. Working capital (defined as accounts and notes receivable, excluding inter-segment notes receivable, plus inventories less accounts payables), net of currency variations, increased by approximately $178 million in the quarter. Payables declined more rapidly than total receivables and inventories in the period which included numerous plant vacation shut-downs, particularly in Europe. At incurred currency rates, working capital at September 30, 2006 was $2.241 billion, up $173 million from $2.068 billion at December 31, 2005 but down $56 million from $2.297 billion at September 30, 2005.

In July, CNH’s wholly owned subsidiary, Case New Holland, Inc. exchanged 100% of its 7.125% Senior Notes due 2014 issued in a first quarter 2006 private offering, for new 7.125% Senior Notes due 2014 that have been registered under the Securities Act of 1933, as amended.

Financial Services Net Debt decreased by $732 million to $4.2 billion at September 30, 2006 from June 30, 2006, reflecting primarily the proceeds of its $1.3 billion U.S. retail asset backed securitization transaction completed during the quarter.

AGRICULTURAL EQUIPMENT MARKET OUTLOOK FOR FULL YEAR 2006

CNH believes that worldwide industry unit retail sales of agricultural tractors will be 5 to 10% higher than in 2005, driven by an expected 20% increase in Rest-of-World markets. Industry unit retail sales of under-40 horsepower tractors in North America are expected to be down as much as 5% from 2005 levels. Sales of over-40 horsepower tractors in North America also are expected to be down as much as 5% from 2005, with industry sales of 40 to 100 horsepower tractors at approximately the same level as last year and sales of over 100 horsepower tractors down 15 to 18%. Agricultural tractor markets in Western Europe are expected to be at approximately the same levels as in 2005 and markets in Latin America could be down as much as 5%.

Worldwide industry unit retail sales of combine harvesters may be down 10 to 15%. Western European and Rest-of-World markets could be flat to down as much as 5%, while industry sales in North America could be down as much as 10%. Industry sales in Latin America are expected to be down 35 to 40%.

CONSTRUCTION EQUIPMENT MARKET OUTLOOK FOR FULL YEAR 2006

CNH believes that worldwide industry unit retail sales of construction equipment will be stronger than in 2005. Worldwide industry sales of heavy construction equipment are expected to increase by 10 to 15%, led by increases of 15 to 20% in Rest-of-World markets and Latin America. Industry unit sales in Western Europe and in North America could be up 5 to 10% compared with 2005.

Worldwide industry unit retail sales of light construction equipment could be up as much as 10%, with Western Europe up 10 to 15%, Rest-of-World markets up as much as 20%

and markets in Latin America up 25 to 30%. In North America, industry sales are expected to be at about the same level as in full year 2005.

CNH OUTLOOK FOR FULL YEAR 2006

CNH expects its net sales of equipment to increase in the range of 2 to 4%. Results of pricing and margin improvement initiatives at Equipment Operations through the first nine months will continue to drive better results in the fourth quarter. New products are expected to improve sales volumes, beginning in the fourth quarter. Profitability at Financial Services is expected to be up 5 to 10% compared with 2005 and results of CNH’s joint ventures are now expected to record additional improvements over 2005. The benefit of this improvement at Equipment Operations will be partially offset by an increase in CNH’s effective tax rate, as previously stated.

CNH now anticipates that 2006 diluted earnings per share, before restructuring, net of tax, should be in the range of $1.40 to $1.50, compared with $0.95 per share for 2005.

CNH is planning to undertake new actions around the globe aimed at readjusting the organizational structure to evolving business needs. These actions include optimizing its North American Agricultural Equipment manufacturing footprint to drive efficiency. CNH anticipates that the cost of all these actions, in total, will be approximately $100 million before tax. Approximately $70 million, before tax, is expected to be recognized in the fourth quarter of 2006, with the balance to be recognized in 2007 and beyond. This will increase 2006 full-year restructuring costs, net of tax, to approximately $110 million.

The company’s previously announced $120 million contribution to its U.S. defined benefit pension plan was made in April, 2006. After considering this contribution, Equipment Operations continues to expect to reduce its year-end 2006 level of net debt by approximately $400 million, as compared with year-end 2005.

Adoption of the FASB’s SFAS No. 158 at year-end 2006, which will require CNH to recognize the full funded status of its pension and other post retirement benefit plans liability on its balance sheet, could result in a estimated reduction, based on 2005 actual results, of CNH’s Shareholders’ Equity of approximately $550 million, net of tax.

###

CNH management will hold a conference call later today to review its third quarter 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.

CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,000 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; NYSE:FIA), More information about CNH and its Case and New Holland products can be found online at www.cnh.com.

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 and our customers’ access to credit, actions by rating agencies concerning the ratings of our debt securities and asset backed securities and the ratings of Fiat S.p.A., 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, 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 profit 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, 2005.

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
		‘06 B(W)				‘06 B(W)				‘06 B(W)				‘06 B(W)				‘06 B(W)
First Quarter 2006 Industry Unit Sales Revised Estimate Compared with First Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				6	%			n/a				n/a				n/a
- Over 40 horsepower			n/a				4	%			n/a				n/a				n/a
Total Tractors			21	%			5	%			2	%			(11	)%			51	%
Combine Harvesters			(11	)%			8	%			(8	)%			(36	)%			0	%
Total Tractors and Combines			20	%			5	%			2	%			(14	)%			50	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			5	%			0	%			(15	)%			15	%			23	%
Skid Steer Loaders			6	%			2	%			3	%			67	%			23	%
Other Light Equipment			23	%			49	%			14	%			71	%			20	%
Total Light Equipment			15	%			15	%			9	%			29	%			21	%
Total Heavy Equipment			20	%			25	%			4	%			28	%			25	%
Total Light & Heavy Equipment			17	%			18	%			8	%			29	%			23	%
Second Quarter 2006 Industry Unit Sales Revised Estimate Compared with Second Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				(2	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(4	)%			n/a				n/a				n/a
Total Tractors			11	%			(2	)%			(2	)%			(3	)%			39	%
Combine Harvesters			(2	)%			(2	)%			(4	)%			(47	)%			13	%
Total Tractors and Combines			11	%			(2	)%			(2	)%			(5	)%			38	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			3	%			(16	)%			(11	)%			56	%			28	%
Skid Steer Loaders			(4	)%			(10	)%			7	%			4	%			16	%
Other Light Equipment			17	%			24	%			11	%			29	%			23	%
Total Light Equipment			9	%			(1	)%			8	%			39	%			23	%
Total Heavy Equipment			8	%			(1	)%			8	%			13	%			16	%
Total Light & Heavy Equipment			8	%			(1	)%			8	%			25	%			19	%
Third Quarter 2006 Industry Unit Sales Preliminary Estimate Compared with Third Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors:
- Under 40 horsepower			n/a				(9	)%			n/a				n/a				n/a
- Over 40 horsepower			n/a				(7	)%			n/a				n/a				n/a
Total Tractors			(0	)%			(8	)%			(1	)%			1	%			7	%
Combine Harvesters			(16	)%			(18	)%			1	%			(39	)%			(11	)%
Total Tractors and Combines			(1	)%			(9	)%			(1	)%			(2	)%			6	%
Construction Equipment:
Light Construction Equipment:
Tractor Loaders & Backhoes			5	%			(15	)%			(0	)%			26	%			30	%
Skid Steer Loaders			(11	)%			(18	)%			1	%			8	%			4	%
Other Light Equipment			15	%			7	%			20	%			42	%			13	%
Total Light Equipment			6	%			(9	)%			16	%			21	%			15	%
Total Heavy Equipment			11	%			(2	)%			15	%			24	%			19	%
Total Light & Heavy Equipment			8	%			(7	)%			16	%			23	%			17	%

CNH Global N.V.
Estimates of Worldwide Retail Industry Unit Sales Performance⁽¹⁾

		Worldwide				N.A.				W.E				L.A.				ROW
		‘06 B(W)				‘06 B(W)				‘06 B(W)				‘06 B(W)				‘06 B(W)
First Quarter 2006 Industry Unit Sales Revised Estimate Compared with First Quarter 2005 Actual
Fourth Quarter 2006 Industry Unit Sales Forecast Compared with Fourth Quarter 2005 Actual
Agricultural Equipment:
Agricultural Tractors			(5-10	)%			(5-10	)%		FLAT					(0-5	)%			(10-15	)%
Combine Harvesters			(15-20	)%			~(15	)%			(0-5	)%			(35-40	)%			(15-20	)%
Construction Equipment:
Total Light Equipment			5-10	%		FLAT					5-10	%			~20	%			15-20	%
Total Heavy Equipment			5-10	%			5-10	%			0-5	%			10-15	%			10-15	%
Full Year 2006 Industry Unit Sales Forecast Compared with Full Year 2005 Actual
Agricultural Equipment:
Agricultural Tractors			5-10	%			(0-5	)%		FLAT					(0-5	)%			~20	%
Combine Harvesters			(10-15	)%			~(10	)%			(0-5	)%			(35-40	)%		FLAT
Construction Equipment:
Total Light Equipment			~10	%			0-5	%			10-15	%			25-30	%			~20	%
Total Heavy Equipment			10-15	%			5-10	%			5-10	%			15-20	%			15-20	%

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

		Three Months Ended												Nine Months Ended
		September 30,												September 30,
										%												%
		2006				2005				Change				2006				2005				Change
		(In Millions)
Revenues:
Net sales
Agricultural equipment		$	1,695			$	1,818				(7	%)		$	5,905			$	6,050				(2	%)
Construction equipment			984				950				4	%			3,221				2,935				10	%
Total net sales			2,679				2,768				(3	%)			9,126				8,985				2	%
Financial services			253				204				24	%			705				575				23	%
Eliminations and other			(10	)			(10	)							(44	)			(24	)
Total revenues		$	2,922			$	2,962				(1	%)		$	9,787			$	9,536				3	%
Net sales:
North America		$	1,121			$	1,366				(18	%)		$	4,197			$	4,356				(4	%)
Western Europe			884				785				13	%			2,798				2,751				2	%
Latin America			237				191				24	%			715				569				26	%
Rest of World			437				426				3	%			1,416				1,309				8	%
Total net sales		$	2,679			$	2,768				(3	%)		$	9,126			$	8,985				2	%

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,
		2006				2005				2006				2005				2006				2005
										(In Millions, except per share data)
Revenues
Net sales		$	2,679			$	2,768			$	2,679			$	2,768			$	—			$	—
Finance and interest income			243				194				51				32				253				204
Total			2,922				2,962				2,730				2,800				253				204
Costs and Expenses
Cost of goods sold			2,209				2,334				2,209				2,334				—				—
Selling, general and administrative			279				281				221				228				58				53
Research and development			91				75				91				75				—				—
Restructuring			4				19				4				19				—				—
Interest expense			153				136				82				82				94				69
Interest compensation to Financial Services			—				—				55				42				—				—
Other, net			89				69				59				43				14				11
Total			2,825				2,914				2,721				2,823				166				133
Income (loss) before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			97				48				9				(23	)			87				71
Income tax provision			39				25				11				3				27				22
Minority interest			3				7				3				7				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			2				3				62				52				2				3
Equipment Operations			10				8				10				8				—				—
Net income		$	67			$	27			$	67			$	27			$	62			$	52
Weighted average shares outstanding:
Basic			235.8				134.4
Diluted			236.0				234.6
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	0.30				$0.19
EPS		$	0.28				$0.12
Diluted:
EPS before restructuring, net of tax		$	0.30				$0.19
EPS		$	0.28				$0.12
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,
		2006				2005				2006				2005				2006				2005
										(In Millions, except per share data)
Revenues
Net sales		$	9,126			$	8,985			$	9,126			$	8,985			$	—			$	—
Finance and interest income			661				551				136				90				705				575
Total			9,787				9,536				9,262				9,075				705				575
Costs and Expenses
Cost of goods sold			7,482				7,568				7,482				7,568				—				—
Selling, general and administrative			911				871				737				718				174				153
Research and development			271				221				271				221				—				—
Restructuring			15				30				15				30				—				—
Interest expense			448				402				255				252				258				190
Interest compensation to Financial Services			—				—				171				115				—				—
Other, net			272				208				178				138				39				29
Total			9,399				9,300				9,109				9,042				471				372
Income before income taxes, minority interest and equity in income of unconsolidated subsidiaries and affiliates			388				236				153				33				234				203
Income tax provision			161				95				83				30				77				65
Minority interest			17				19				17				19				—				—
Equity in income of unconsolidated subsidiaries and affiliates:
Financial Services			6				7				163				145				6				7
Equipment Operations			41				27				41				27				—				—
Net income		$	257			$	156			$	257			$	156			$	163			$	145
Weighted average shares outstanding:
Basic			205.8				134.2
Diluted			236.0				234.3
Basic and diluted earnings per share (“EPS”):
Basic:
EPS before restructuring, net of tax		$	1.31			$	0.89
EPS		$	1.25			$	0.79
Diluted:
EPS before restructuring, net of tax		$	1.15			$	0.77
EPS		$	1.09			$	0.67
Dividends per share		$	0.25			$	0.25

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		September 30,				December 31,				September 30,				December 31,				September 30,				December 31,
		2006				2005				2006				2005				2006				2005
		(In Millions)
Assets
Cash and cash equivalents		$	1,133			$	1,245			$	784			$	858			$	349			$	387
Deposits in Fiat affiliates cash management pools			697				580				695				578				2				2
Accounts, notes receivable and other - net			6,405				5,841				1,276				1,243				5,179				4,670
Intersegment notes receivable			—				—				1,186				1,067				—				—
Inventories			2,780				2,466				2,780				2,466				—				—
Property, plant and equipment - net			1,312				1,311				1,303				1,303				9				8
Equipment on operating leases - net			220				180				—				—				220				180
Investment in Financial Services			—				—				1,715				1,587				—				—
Investments in unconsolidated affiliates			443				449				346				353				97				96
Goodwill and intangibles			3,134				3,163				2,988				3,018				146				145
Other assets			2,264				2,083				1,631				1,486				633				597
Total Assets		$	18,388			$	17,318			$	14,704			$	13,959			$	6,635			$	6,085
Liabilities and Equity
Short-term debt		$	1,331			$	1,522			$	605			$	826			$	726			$	696
Intersegment short-term debt			—				—				—				—				1,089				1,067
Accounts payable			1,840				1,609				1,815				1,641				63				32
Long-term debt, including current maturities			5,098				4,765				2,438				2,396				2,660				2,369
Intersegment long-term debt			—				—				—				—				97				—
Accrued and other liabilities			4,743				4,370				4,470				4,044				285				334
Total Liabilities			13,012				12,266				9,328				8,907				4,920				4,498
Shareholders’ equity			5,376				5,052				5,376				5,052				1,715				1,587
Total Liabilities and Equity		$	18,388			$	17,318			$	14,704			$	13,959			$	6,635			$	6,085
Total debt less cash and cash equivalents, deposits in Fiat affiliates cash management pools and intersegment notes receivables (“Net Debt”)		$	4,599			$	4,462			$	378			$	719			$	4,221			$	3,743

See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.

										EQUIPMENT								FINANCIAL
		CONSOLIDATED								OPERATIONS								SERVICES
		Nine Months Ended								Nine Months Ended								Nine Months Ended
		September 30,								September 30,								September 30,
		2006				2005				2006				2005				2006				2005
		(In Millions)
Operating Activities:
Net income		$	257			$	156			$	257			$	156			$	163			$	145
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			230				222				197				186				33				36
Intersegment activity			—				—				(84	)			23				84				(23	)
Changes in operating assets and liabilities			(170	)			(124	)			77				283				(247	)			(407	)
Other, net			126				113				77				36				(41	)			(8	)
Net cash from operating activities			443				367				524				684				(8	)			(257	)
Investing Activities:
Expenditures for property, plant and equipment			(117	)			(83	)			(114	)			(81	)			(3	)			(2	)
Expenditures for equipment on operating leases			(111	)			(71	)			—				—				(111	)			(71	)
Net (additions) collections from retail receivables and related securitizations			(118	)			241				—				—				(118	)			241
Net (deposits in) withdrawals from Fiat affiliates cash management pools			(84	)			521				(84	)			514				—				7
Other, net			38				69				(3	)			(9	)			41				78
Net cash from investing activities			(392	)			677				(201	)			424				(191	)			253
Financing Activities:
Intersegment activity			—				—				(119	)			(400	)			119				400
Net increase (decrease) in indebtedness			(121	)			(1,004	)			(216	)			(665	)			95				(339	)
Dividends paid			(59	)			(34	)			(59	)			(34	)			(73	)			(60	)
Other, net			(9	)			—				(9	)			—				—				—
Net cash from financing activities			(189	)			(1,038	)			(403	)			(1,099	)			141				1
Other, net			26				23				6				(5	)			20				28
Increase (decrease) in cash and cash equivalents			(112	)			29				(74	)			4				(38	)			25
Cash and cash equivalents, beginning of period			1,245				931				858				637				387				294
Cash and cash equivalents, end of period		$	1,133			$	960			$	784			$	641			$	349			$	319

     See Notes to Condensed Consolidated Financial Statements.

CNH GLOBAL N.V.

1.

Principles of Consolidation and Basis of Presentation — The accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated results of CNH Global N.V. and its consolidated subsidiaries (“CNH” or the “Company”) in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”); however, because of their condensed nature, they do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements. These financial statements should therefore be read in conjunction with the audited, consolidated financial statements and notes thereto for the year ended December 31, 2005 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 31, 2006.

CNH is controlled by Fiat Netherlands Holding N.V., a wholly owned subsidiary of Fiat S.p.A. (“Fiat”). As of September 30, 2006, Fiat owned approximately 90% of CNH’s outstanding common shares.

The condensed consolidated financial statements include the accounts of CNH’s majority-owned and controlled subsidiaries and reflect the interests of the minority owners of the subsidiaries that are not fully owned for the periods presented, as applicable. The operations and key financial measures and financial analysis differ significantly for manufacturing and distribution businesses and financial services businesses; therefore, management believes that certain supplemental disclosures are important in understanding the consolidated operations and financial results of CNH. The supplemental financial information captioned “Equipment Operations” includes the results of operations of CNH’s agricultural and construction equipment operations, with the Company’s financial services businesses reflected on the equity method basis. The supplemental financial information captioned “Financial Services” reflects the combination of CNH’s financial services businesses.

Reclassifications

Certain reclassifications of prior year amounts have been made in order to conform to the current year presentation.

New Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements in accordance with Statement of Financial Accounting Standards (“SFAS”) No. 109, “Accounting for Income Taxes”. FIN 48 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. CNH is in the process of determining the impact FIN 48 will have on its financial position and results of operations upon adoption.

In September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans—an amendment of FASB Statements No. 87, 88, 106, and 132(R)” (“SFAS No. 158”). SFAS No. 158 requires an employer to recognize the overfunded or underfunded status of a defined benefit postretirement plan (other than a multiemployer plan) as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. SFAS No. 158 also requires an employer to measure the funded status of a plan as of the date of its year-end balance sheet. As a company with publicly traded equity securities, CNH is required to initially recognize the funded status of its defined benefit pension and other postretirement plans and to provide the disclosure required by SFAS No. 158 as of December 31, 2006. CNH currently measures its plan assets

CNH GLOBAL N.V.

and benefit obligations as of the end of its fiscal year. As a result, the measurement date provisions of SFAS No. 158 are not expected to have an impact on CNH. While CNH has not yet determined the full impact implementation of SFAS No. 158 will have on its financial position or results of operations, CNH estimates, based on data for its defined benefit pension and other postretirement plans as of December 31, 2005, the impact of adopting SFAS No. 158 would be a decrease in shareholders’ equity of approximately $550 million, net of tax.

In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements” (“SFAS No. 157”). SFAS No. 157 clarifies the principle that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years, with early adoption permitted. CNH has not yet determined the impact, if any, the implementation of SFAS No. 157 may have on its financial position or results of operations.

In September 2006, the SEC issued Staff Accounting Bulletin No. 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” (“SAB No. 108”). SAB No. 108 provides interpretive guidance on how the effects of the carryover or reversal of prior year misstatements should be considered in quantifying a current year misstatement. The SEC staff believes that registrants should quantify errors using both a balance sheet and an income statement approach and evaluate whether either approach results in a misstatement that, when all relevant quantitative and qualitative factors are considered, is material and therefore must be quantified. SAB No. 108 is effective for fiscal years ending on or after November 15, 2006. CNH has not yet determined the effect, if any, that the application of SAB No. 108 will have on its financial position or results of operations.

2.

Stock-Based Compensation Plans — CNH has stock-based employee compensation plans which are described more fully in “Note 18: Option and Incentive Plans”, to our 2005 Form 20-F. In January 2006, CNH adopted SFAS No. 123 Revised, “Share Based Payment” (“SFAS No. 123 Revised”). SFAS No. 123 Revised requires the use of a fair value based method of accounting for stock-based employee compensation. The statement has been applied using a Modified Prospective Method, under which compensation cost is recognized beginning on the effective date and continuing until participants are fully vested. Adopting SFAS No. 123 Revised did not have a material impact on the Company’s financial statements.

In September 2006, CNH granted approximately 2.2 million performance based non-vested share awards which will result in an estimated expense over the vesting period of approximately $40 million under its Equity Incentive Plan (“EIP”). These shares will cliff vest when 2008 results are finalized (estimated to be February 2009) if specified fiscal year 2008 targets are achieved. If specified targets are not achieved, the shares granted will not vest. The grant date fair value of $21.14 per share was based on the fair market value of CNH’s common shares on the date of grant, adjusted for the estimated impact of dividends during the vesting period which are not available to participants.

Also in September 2006, CNH granted approximately 2.0 million performance based stock options which will result in an estimated expense over the vesting period of approximately $10 million (at targeted performance levels) under its EIP. One-third of the options will vest when 2006 results are finalized (estimated to be February 2007) if specified fiscal 2006 targets are achieved. The remaining options will vest equally on the first and second anniversary of the initial vesting date. The actual number of shares vesting may exceed 2.0 million if CNH’s performance exceeds targets; however, if minimum target levels are not achieved, the options will not vest. The grant date fair value of $5.78 per option was determined using the Black-Scholes pricing model.

CNH GLOBAL N.V.

The assumptions used in this model were:

Risk-free interest rate			4.52	%
Expected volatility			34.71	%
Expected life		3.25 years
Dividend yield			1.34	%

The risk-free interest rate was based on the current U.S. Treasury rate for a bond of approximately the expected life of the options. The expected volatility was based on the historical activity of CNH’s common shares looking back over a period equal to the expected life of the options. The expected life was based on the average of the vesting term of 30 months and the original contract term of five years. The expected dividend yield was based on the annual dividend of $.25 per share which has been paid on CNH’s common shares over the last three years.

3.

Accounts and Notes Receivable — In CNH’s receivable asset securitization programs, retail finance receivables are sold to limited purpose, bankruptcy remote, consolidated subsidiaries of CNH. In turn, these subsidiaries establish separate trusts to which they transfer the receivables in exchange for the proceeds from asset-backed securities sold by the trusts. Due to the nature of the assets held by the trusts and the limited nature of each trust’s activities, they are each classified as a qualifying special purpose entity (“QSPE”) under SFAS No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities” (“SFAS No. 140”). In accordance with SFAS No. 140, assets and liabilities of the QSPEs are not consolidated in the Company’s consolidated balance sheets. The amounts outstanding under these programs were $5.0 billion and $4.7 billion at September 30, 2006 and December 31, 2005, respectively. In addition to the retail securitization programs, certain subsidiaries of CNH securitized or discounted wholesale receivables without recourse. As of September 30, 2006 and December 31, 2005, $3.6 billion and $3.1 billion, respectively remained outstanding under these programs.

Included in the securitized or discounted wholesale receivables without recourse amount noted above is a wholesale securitization program in Europe under which Equipment Operations entities sell receivables while a Financial Services subsidiary subscribes to notes representing undivided retained interests. At September 30, 2006 and December 31, 2005, the amounts outstanding under this program were $763 million and $709 million, respectively and Financial Services had an undivided retained interest of $258 million and $251 million, respectively.

4.

Inventories — Inventories as of September 30, 2006 and December 31, 2005 consist of the following:

		September 30,				December 31,
		2006				2005
		(in Millions)
Raw materials		$	594			$	494
Work-in-process			279				195
Finished goods and parts			1,907				1,777
Total Inventories		$	2,780			$	2,466