The following is an extract from the “CNH Industrial 2023 Third Quarter Financial Results” press release.
The complete press release can be consulted in the accompanying PDF on the CNH Industrial Newsroom.
CNH Industrial N.V. Reports Third Quarter 2023 Results
Q3 consolidated revenue and net income both increased by 2% year-over-year
Amid softer demand in certain product categories and South America, segments improved profitability by executing cost containment actions
Agriculture segment adjusted EBIT margin up 50 bps year-over-year to 15.3%, despite net sales declining by 3%
Construction segment adjusted EBIT margin up 360 bps year-over-year to 6.3%, with net sales increasing by 6%
Announcing immediate restructuring program to be followed by a thorough review of SG&A cost structure
Financial results presented under U.S. GAAP
“CNH achieved record margins in our Agriculture and Construction segments, even as some markets began to soften. Balancing continued investments in iron and technology with aggressive cost containment positions us to maintain our full year adjusted EPS target of around $1.70 and demonstrate higher through-the-cycle margins. We will complement our continuous improvement initiatives with targeted restructuring to enhance operational efficiencies and optimize our organization. Our precision technology evolution is accelerating as we execute our longstanding plan to reduce our reliance on third parties. I would like to thank our employees and dealers for their unyielding commitment to ensuring CNH and its brands deliver for our customers.”
Scott W. Wine, Chief Executive Officer
Basildon, November 7, 2023