 He instituted an aggressive cost-cutting program which immediately cut spending by $640 million and a modernization program which poured $879 million over three years into the company's plants.His actions boosted market share, and led to record sales of $8.4 billion and record profits of $370 million (up from $203 million).Despite McCardell's actions, IH's profit margins were still only half those of competitors like Caterpillar Inc. and Deere & Company.