2019 Third Quarter Results
November 06 2019 - 8:00AM
The following is an extract from the “CNH
Industrial 2019 third quarter results” press release. The complete
press release can be accessed by visiting the media section of the
CNH Industrial corporate website:
https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx
or consulting the accompanying PDF:
CNH Industrial reports third quarter
consolidated revenues of $6.4 billion,net income
of $643 million and adjusted net income of $221 million
($0.16 per share). Net debt of Industrial
Activities at $2.4 billion
Financial results presented under U.S. GAAP
- Industrial Activities net sales were $5.9 billion, down 6%
compared to the third quarter of 2018 (down 3% on a constant
currency basis), as lower sales volume and negative currency
translation offset positive price realization
- Adjusted EBIT of Industrial Activities was $284 million,
equivalent to a 4.8% margin, down 30 basis points compared to the
third quarter of 2018. Adjusted EBITDA of Industrial Activities was
$523 million, representing an 8.9% margin
- Reported net income of $643 million includes a material
discrete tax benefit. Adjusted net income was $221 million in the
third quarter of 2019, in line with the third quarter of 2018,
benefiting from lower interest expense and a lower adjusted
effective tax rate
- Net debt of Industrial Activities at September 30, 2019 was
$2.4 billion, up by $0.9 billion from June 30, 2019, due to an
increase in net working capital
- During the quarter, CNH Industrial continued corporate planning
activities in view of the future separation of the Off-Highway and
On-Highway businesses announced on September 3
- During the quarter, CNH Industrial acquired AgDNA, a leader in
Farm Management Information Systems, and entered into a strategic
and exclusive Heavy-Duty Truck partnership with Nikola Corporation,
a U.S.-based leader in fuel cell truck technology
- CNH Industrial recently announced the acquisition of the
Australian agricultural tillage and crop implement manufacturer
K-Line Ag, and the acquisition of ATI, Inc., a global manufacturer
of rubber track systems for high horsepower tractors and combine
harvesters, in an effort to strengthen its strategic position and
to drive industry consolidation in the agricultural market. In
addition, CNH Industrial has agreed the sale of its Truckline parts
business, a distributor of aftermarket commercial vehicles parts
and accessories in Australia
- Full year guidance updated as follows: net sales of Industrial
Activities expected now between $26.5 billion-$27 billion
with confirmed adjusted diluted EPS of $0.84-$0.88. Net debt of
Industrial Activities of $0.6 billion-$0.4 billion mainly
reflecting the M&A activity announced since
September 3
- 20191106_PR_CNH_INDUSTRIAL_Q3_2019
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