2020 Second Quarter Results
July 30 2020 - 08:00AM
The following is an extract from the “CNH
Industrial 2020 second 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:
With all plants and depots up and running
by the end of the second quarter,CNH Industrial
reported consolidated revenues of $5.6 billion,net
income of $361 million and adjusted net loss of $85
million.Net debt of Industrial Activities at $2.3
billion, with positive free cash flow of $97 million helped by
end-demand resuming in most markets and the Company’s cost
reduction and cash preservation
measures.CNH Industrial ended the quarter with
strong available liquidity of $11.5 billion.
Financial results presented under U.S. GAAP
CONSOLIDATED RESULTS
- Consolidated revenues of $5.6 billion in the second quarter of
2020, down 26% compared to the second quarter of 2019
(down 23% at constant currency)
- Reported net income of $361 million (or $0.26 per share) in the
second quarter of 2020 including a gain of $1,475 million from
the remeasurement to fair value of the investment in Nikola
Corporation (NKLA), partially offset by $840 million of
non-cash impairment charges primarily related to the goodwill
allocated to Construction, as well as asset optimization charges of
$282 million, mainly as a result of the adverse COVID-19
impacts on used trucks final markets in Europe
- Adjusted net loss of $85 million in the second quarter of 2020
compared to adjusted net income of $430 million in the second
quarter of 2019
- Adjusted diluted earnings per share loss of $0.07 in the second
quarter of 2020 compared to adjusted diluted earnings per share of
$0.31 in the second quarter of 2019
- On June 15, Fitch Ratings (“Fitch”) affirmed CNH Industrial
N.V. and CNH Industrial Capital LLC’s long-term issuer default
rating at “BBB-” and changed the outlook to stable from
positive
INDUSTRIAL ACTIVITIES
- Net sales of $5.2 billion in the second quarter of 2020, down
27% compared to the second quarter of 2019 (down 24% on a
constant currency basis), due to severe adverse COVID-19 impacts on
supply chain and market conditions across all regions and
segments
- Adjusted EBIT loss of $58 million in the second quarter of 2020
compared to adjusted EBIT of $527 million in the second
quarter of 2019, strongly impacted by industry demand disruption,
negative absorption caused by plant shutdowns and other actions to
lower inventory levels, only partially offset by reduced selling,
general and administrative expenses and deferral of certain
research and development expenses not related to new product
launches
- Net debt at June 30, 2020 of $2.3 billion, in line with
March 31, 2020 despite the adverse impacts of COVID-19, as a
result of positive free cash flow of $97 million and a variety of
cash preservation measures
COVID-19 RELATED MATTERS
- All plants and depots resumed activities in May 2020, with
safety protocols in place
- Continued social distancing rules in place with a gradual
return to the office for employees who are able to work from
home
- Continued support to communities
- Financial Services offered payment deferrals and debt
rescheduling to the Company’s customers and dealers
- 20200730_PR_CNH_INDUSTRIAL_Q2_2020
CNH Industrial NV (NYSE:CNHI)
Historical Stock Chart
From Feb 2024 to Mar 2024
CNH Industrial NV (NYSE:CNHI)
Historical Stock Chart
From Mar 2023 to Mar 2024