By Pierre Bertrand

CNH Industrial NV on Thursday said fourth-quarter profit increased as its agriculture and construction divisions performed well and as its sales result was boosted by favorable prices and higher volumes.

The company said it made $592 million in net profit for the fourth-quarter compared with $302 million in the prior-year period, on revenue that grew 27% to $6.94 billion.

CNH achieved diluted earnings per share of $0.43 and adjusted diluted earnings per share of $0.36, it said.

It added that it intends to recommend an annual cash dividend of approximately $0.38 per share.

Looking ahead to 2023, CNH said that it is expecting sales growth of 6% and 10% for its industrial activities.

"We see continuing strength in most end markets, and with better performing supply chains and moderating inflation we are confident we will build on our robust foundation," Chief Executive Officer Scott Wine said.

CNH separately said Thursday that it intends to delist from the Milan stock exchange to move to a single listing in New York.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

February 02, 2023 08:26 ET (13:26 GMT)

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