CNH Industrial reports continued strength in its third quarter performance

CNH Industrial reports continued strength in its third quarter performance

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Consolidated revenues of $5,881 million (up 23.9% compared to Q3 2021 for continuing operations, up 29% at constant currency)  Net income of $559 million, Adjusted Net Income of $557 million, with diluted EPS and adjusted diluted EPS of $0.41 Adjusted EBIT of Industrial Activities of $670 million (up $250 million compared to Q3 2021) 

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Net cash provided by operating activities of $272 million and Industrial Free Cash Flow of $202 million  

Net sales for Industrial Activities expected up 16% to 18% for the full year, despite foreign exchange rates headwinds CNH Industrial will now voluntarily file annual and quarterly reports on Forms 10-K and 10-Q, as used by US domestic filers 

Financial results presented under U.S. GAAP 

“The CNH Industrial team delivered another strong quarter, driving record 3rd Quarter consolidated revenues, up nearly 24% over the previous year. A mixture of favorable  volume, price realization, outstanding operational execution and supportive product mix permitted us to increase our Industrial Activities Gross and EBIT margins by 260 and  270 basis points respectively, with Agriculture generating a record EBIT margin of 14.8%. While our solid results reflect some sequential improvement in the global supply chain,  significant challenges persist, and inflation continues to run hot. Free Cash Flow of Industrial Activities was positive for the quarter, and we continue to target over $1 billion for  the full year as we accelerate completion and shipment of inventory in Q4. Order books remain robust as soft commodity prices continue to support global agriculture and many  construction end markets sustain their strength. We look forward to sharing our future precision, automation/autonomy, and alternative fuel technologies at our Tech Day in  December. With this solid foundation and improving execution we have elevated our full year guidance. The coming quarters will challenge our team, but they have consistently  proven their mettle and I remain confident we will continue to support our customers, deliver for our shareholders, and progress our strategic initiatives regardless of the business climate.”  

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