Fourth quarter consolidated revenues declined 28%; full year
consolidated revenues declined 20% on lower industry demand for
Agriculture and Construction equipment
Fourth quarter net income of $176 million; full
year net income of $1,259 million
Full year diluted EPS at $0.99; adjusted diluted
EPS at $1.05
Results reflect channel destocking and continued
execution of cost savings initiatives
Basildon, UK - February 4, 2025 - CNH
Industrial N.V. (NYSE: CNH) today reported results for the
three months and twelve months ended December 31, 2024, with Q4
2024 net income of $176 million and diluted earnings per share of
$0.14, compared with net income of $583 million and diluted
earnings per share of $0.44 in Q4 2023(1). Consolidated revenues
were $4.88 billion in the quarter (down 28% compared to Q4 2023)
and Net sales of Industrial Activities were $4.13 billion (down 31%
compared to Q4 2023). Net cash provided by operating activities was
$1,692 million, and Industrial Free Cash Flow was $848 million in
Q4 2024.
Full year 2024 consolidated revenues were $19.84
billion, down 20% year-over-year, with Net sales of Industrial
Activities at $17.06 billion, down 23%. Full year net income was
$1,259 million compared to 2023(1) net income of $2,287 million.
Full year diluted earnings per share was $0.99 compared to $1.69 in
2023(1). Adjusted net income was $1,339 million compared to $2,217
million in 2023, with adjusted diluted earnings per share of $1.05
compared to $1.63 in 2023(1). Full year net cash provided by
operating activities was $1,968 million and Industrial Free Cash
Flow absorption was $401 million.
“I applaud the CNH team’s dedication to achieve
the tasks we gave ourselves to close 2024. As intended, Agriculture
dealer inventory went down in Q4 by over $700 million due to
focused retail sales support and 34% fewer production hours. Our
proactive and ongoing efforts to align our business structure with
the current industry environment have allowed us to deliver our
products with reasonable margin erosion. The challenging market
conditions will continue at least through the first half of 2025,
and we will keep production levels fairly low by design to drive
channel inventory down further. I am confident that our continuing
efforts to simplify, streamline, and raise the quality of our
operations prepare us well for the regional cycle dynamics
ahead.”
Gerrit Marx, Chief Executive
Officer
2024 Fourth Quarter Results
(all amounts $ million, comparison vs Q4 2023 -
unless otherwise stated)
Please note that in this and in the following
tables and commentary, prior periods have been revised to reflect
an immaterial correction to the financial statements. See note 1
for further details.
|
US-GAAP |
|
|
|
Q4 2024 |
|
Q4 2023(1) |
|
Change |
|
Change at c.c.(2) |
| Consolidated revenues |
|
4,876 |
|
6,792 |
|
(28)% |
|
(26)% |
|
of which Net sales of Industrial Activities |
|
4,129 |
|
6,018 |
|
(31)% |
|
(30)% |
| Net income |
|
176 |
|
583 |
|
(70)% |
|
|
| Diluted EPS $ |
|
0.14 |
|
0.44 |
|
(0.30) |
|
|
| Cash flow provided (used) by
operating activities |
|
1,692 |
|
1,515 |
|
+177 |
|
|
| Cash and cash
equivalents(3) |
|
3,191 |
|
4,322 |
|
(1,131) |
|
|
| Gross profit margin of
Industrial Activities |
|
19.5% |
|
21.8% |
|
(230) bps |
|
|
|
NON-GAAP(4) |
|
|
|
Q4 2024 |
|
Q4 2023(1) |
|
Change |
|
| Adjusted EBIT of Industrial
Activities |
|
194 |
|
662 |
|
(71)% |
|
| Adjusted EBIT margin of
Industrial Activities |
|
4.7% |
|
11.0% |
|
(630) bps |
|
| Adjusted net income |
|
196 |
|
523 |
|
(63)% |
|
| Adjusted diluted EPS $ |
|
0.15 |
|
0.39 |
|
(0.24) |
|
| Free cash flow of Industrial
Activities |
|
848 |
|
1,630 |
|
(782) |
|
The decline in net sales of Industrial
Activities was mainly due to lower shipment volumes on decreased
industry demand and dealer destocking.
In Q4 2024, adjusted net income was $196 million
with adjusted diluted earnings per share of $0.15. In comparison,
in Q4 2023, CNH reported adjusted net income of $523 million and
adjusted diluted earnings per share of $0.39.
Reported income tax expense was $89 million for
the fourth quarter of 2024 ($58 million in Q4 2023), including the
combined impact from the derecognition of deferred tax assets in
Argentina and the recognition of deferred tax assets in China, with
an effective tax rate (ETR) of 36.9% (10.1% in Q4 2023). The
adjusted ETR(4) was 34.1% (27.1% in Q4 2023).
Cash flow provided by operating activities in
the quarter was $1,692 million ($1,515 million in Q4 2023). Free
cash flow of Industrial Activities was $848 million. Consolidated
debt was $27 billion as of December 31, 2024 ($27 billion at
December 31, 2023).
|
Agriculture |
|
|
|
Q4 2024 |
|
Q4 2023(1) |
|
Change |
|
Change at c.c.(2) |
| Net sales ($ million) |
|
3,411 |
|
4,947 |
|
(31)% |
|
(30)% |
| Gross profit margin |
|
20.6% |
|
23.3% |
|
(270) bps |
|
|
| Adjusted EBIT ($ million) |
|
244 |
|
635 |
|
(62)% |
|
|
| Adjusted EBIT margin |
|
7.2% |
|
12.8% |
|
(560) bps |
|
|
In North America, industry volume was down 34%
year-over-year in Q4 2024 for tractors over 140 HP and was down 10%
for tractors under 140 HP; combines were down 33%. In Europe,
Middle East and Africa (EMEA), tractor and combine demand was down
6% and 31%, respectively, of which Europe tractor and combine
demand was down 8% and 11%, respectively. South America tractor
demand was down 5% and combine demand was down 21%. Asia Pacific
tractor demand was up 10%, and combine demand was down 1%.
Agriculture net sales decreased for the quarter
by 31% to $3.4 billion primarily due to lower shipment volumes on
decreased industry demand across all regions and dealer
destocking.
Adjusted EBIT decreased to $244 million ($635
million in Q4 2023), primarily due to lower shipment volumes,
partially offset by a continued reduction in SG&A expenses.
R&D investments accounted for 6.2% of net sales (5.0% in Q4
2023). Adjusted EBIT margin was 7.2% (12.8% in Q4 2023).
|
Construction |
|
|
|
Q4 2024 |
|
Q4 2023 |
|
Change |
|
Change at c.c.(2) |
| Net sales ($ million) |
|
718 |
|
1,071 |
|
(33)% |
|
(31)% |
| Gross profit margin |
|
14.8% |
|
14.8% |
|
— bps |
|
|
| Adjusted EBIT ($ million) |
|
18 |
|
62 |
|
(71)% |
|
|
| Adjusted EBIT margin |
|
2.5% |
|
5.8% |
|
(330) bps |
|
|
Global industry volume for construction
equipment increased 9% year-over-year in Q4 2024 for Heavy
construction equipment; Light construction equipment was down 4%.
Aggregated demand was flat in North America, decreased 11% in EMEA,
and increased 14% in South America and 8% in Asia Pacific.
Construction net sales decreased for the quarter
by 33% to $718 million, due to lower shipment volumes and mix
driven by the market decline and dealer destocking, mainly in North
America.
Adjusted EBIT decreased to $18 million ($62
million in Q4 2023), as a result of lower shipment volumes and
product mix, unfavorable price realization mainly in North America
and South America, partially offset by lower production costs and
SG&A expenses. Adjusted EBIT margin was 2.5% (5.8% in Q4
2023).
|
Financial Services |
|
|
|
Q4 2024 |
|
Q4 2023 |
|
Change |
|
Change at c.c.(2) |
| Revenues ($ million) |
|
743 |
|
768 |
|
(3)% |
|
+1% |
| Net income ($ million) |
|
92 |
|
113 |
|
(19)% |
|
|
| Equity at quarter-end ($
million) |
|
2,745 |
|
2,789 |
|
(44) |
|
|
| Retail loan originations ($
million) |
|
3,216 |
|
3,412 |
|
(196) |
|
|
Financial Services revenues decreased by 3% as a
result of lower equipment sales related to decreased operating
lease maturities, and the negative impact from currency
translation, partially offset by higher average portfolio balances
in all regions (except EMEA) and higher base rates in South
America.
Net income was $92 million in the fourth quarter
of 2024, a decrease of $21 million compared to the same quarter of
2023, primarily due to increased risk costs in North America and
South America, lower recoveries on used equipment sales, partially
offset by favorable volumes in all regions except EMEA. In
addition, the net income for the quarter is affected by the
derecognition of certain tax assets in Argentina ($35 million).
The managed portfolio (including unconsolidated
joint ventures) was $27.8 billion as of December 31, 2024 (of
which retail was 68% and wholesale 32%), down $1.1 billion compared
to December 31, 2023 (up $1.0 billion on a constant currency
basis).
At December 31, 2024, the receivable balance
greater than 30 days past due as a percentage of receivables was
down sequentially to 1.9%, however it was elevated from prior year
(1.4% as of December 31, 2023), due to economic and environmental
factors impacting farmers, specifically in South America.
Results for the Full Year
2024
(all amounts $ million, comparison vs FY 2023 -
unless otherwise stated)
|
US-GAAP |
|
|
|
FY 2024 |
|
FY 2023(1) |
|
Change |
|
Change at c.c.(2) |
| Consolidated revenues |
|
19,836 |
|
24,687 |
|
(20)% |
|
(19)% |
|
of which Net sales of Industrial Activities |
|
17,060 |
|
22,080 |
|
(23)% |
|
(22)% |
| Net income |
|
1,259 |
|
2,287 |
|
(45)% |
|
|
| Diluted EPS $ |
|
0.99 |
|
1.69 |
|
(0.70) |
|
|
| Cash flow provided (used) by
operating activities |
|
1,968 |
|
907 |
|
+1,061 |
|
|
| Cash and cash
equivalents(3) |
|
3,191 |
|
4,322 |
|
(1,131) |
|
|
| Gross profit margin of
Industrial Activities |
|
21.7% |
|
23.7% |
|
(200) bps |
|
|
|
NON-GAAP(4) |
|
|
|
FY 2024 |
|
FY 2023(1) |
|
Change |
|
| Adjusted EBIT of Industrial
Activities |
|
1,404 |
|
2,634 |
|
(47)% |
|
| Adjusted EBIT margin of
Industrial Activities |
|
8.2% |
|
11.9% |
|
(370) bps |
|
| Adjusted net income |
|
1,339 |
|
2,217 |
|
(40)% |
|
| Adjusted diluted EPS $ |
|
1.05 |
|
1.63 |
|
(0.58) |
|
| Free cash flow of Industrial
Activities |
|
(401) |
|
1,216 |
|
(1,617) |
|
|
Agriculture |
|
|
|
FY 2024 |
|
FY 2023(1) |
|
Change |
|
Change at c.c.(2) |
| Net sales |
|
14,007 |
|
18,148 |
|
(23)% |
|
(22)% |
| Gross profit margin |
|
22.9% |
|
25.5% |
|
(260) bps |
|
|
| Adjusted EBIT |
|
1,470 |
|
2,636 |
|
(44)% |
|
|
| Adjusted EBIT margin |
|
10.5% |
|
14.5% |
|
(400) bps |
|
|
|
Construction |
|
|
|
FY 2024 |
|
FY 2023 |
|
Change |
|
Change at c.c.(2) |
| Net sales |
|
3,053 |
|
3,932 |
|
(22)% |
|
(21)% |
| Gross profit margin |
|
16.3% |
|
15.6% |
|
+70 bps |
|
|
| Adjusted EBIT |
|
169 |
|
238 |
|
(29)% |
|
|
| Adjusted EBIT margin |
|
5.5% |
|
6.1% |
|
(60) bps |
|
|
|
Financial Services |
|
|
|
FY 2024 |
|
FY 2023 |
|
Change |
|
Change at c.c.(2) |
| Revenues |
|
2,774 |
|
2,573 |
|
+8% |
|
+10% |
| Net income |
|
379 |
|
371 |
|
+2% |
|
|
2025 Outlook
The Company forecasts that 2025 global industry
retail sales will be lower in both the agriculture and construction
equipment markets when compared to 2024. In addition, CNH is
focused on driving down excess channel inventory primarily by
producing fewer units than the retail demand level. Therefore, 2025
net sales will be lower than in 2024.
The lower production and sales levels will
negatively impact our segment margin results. However, the
Company’s past and ongoing efforts to reduce its operating costs
will partially mitigate the margin erosion. CNH is continuing to
focus on reducing product costs through lean manufacturing
principles and strategic sourcing. The Company will also carefully
manage its SG&A and R&D expenses accordingly.
Consequently, the Company is providing the
following 2025 outlook:
- Agriculture segment net sales(6) down between 13% and 18%
year-over-year, including currency translation effects
- Agriculture segment adjusted EBIT margin between 8.5% and
9.5%
- Construction segment net sales(6) down between 5% and 10%
year-over-year, including currency translation effects
- Free Cash Flow of Industrial Activities(7) between $200 million
and $500 million
- Adjusted diluted EPS(7) between $0.65 to $0.75
Notes
CNH reports quarterly and annual consolidated
financial results under U.S. GAAP and annual consolidated financial
results under EU-IFRS. The tables and discussion related to the
financial results of the Company and its segments shown in this
press release are prepared in accordance with U.S. GAAP.
- In connection with the preparation of our condensed
consolidated financial statements for the three months ended
September 30, 2024, we had revised prior periods’ results to
reflect an immaterial correction for the accounting treatment
related to highly inflationary accounting for our unconsolidated
affiliate in Türkiye. CNH owns 37.5% of TürkTraktör ve Ziraat
Makineleri A.S. (TTRAK.IS) and accounts for its ownership stake
under the equity method. The functional currency of Türkiye-based
TürkTraktör is the Turkish lira, and the Türkiye economy was deemed
highly inflationary in 2022. CNH has determined that its
translation criteria from Turkish lira into CNH’s functional
currency of U.S. dollars resulted in an overstatement of CNH’s
Equity in income of unconsolidated subsidiaries and affiliates by
$96 million in 2023 and by $67 million in the first half of 2024.
We have revised our GAAP and Non-GAAP results for all prior periods
presented herein. See the supplemental financial information
section below for a reconciliation of adjustments to prior reported
results.
-
c.c. means at constant currency.
-
Comparison vs. December 31, 2023.
-
This item is a non-GAAP financial measure. Refer to the “Non-GAAP
Financial Information” section of this press release for
information regarding non-GAAP financial measures. Refer to the
specific table in the “Other Supplemental Financial Information”
section of this press release for the reconciliation between the
non-GAAP financial measure and the most comparable GAAP financial
measure.
-
Certain financial information in this report has been presented by
geographic area. Our geographical regions are: (a) North America;
(b) Europe, Middle East and Africa (“EMEA”); (c) South America and
(d) Asia Pacific. The geographic designations have the following
meanings:
-
North America: United States, Canada, and Mexico;
-
Europe, Middle East, and Africa: member countries of the European
Union, European Free Trade Association, the United Kingdom, Ukraine
and Balkans, Russia, Türkiye, Uzbekistan, Pakistan, the African
continent, and the Middle East;
-
South America: Central and South America, and the Caribbean
Islands; and
-
Asia Pacific: Continental Asia (including the India subcontinent),
Indonesia and Oceania.
-
Net sales reflecting the exchange rate of 1.04 EUR/USD.
-
The Company is unable to provide this reconciliation without
unreasonable effort due to the uncertainty and inherent difficulty
of predicting the occurrence, the financial impact, and the periods
in which the adjustments may be recognized. For the same reasons,
the Company is unable to address the probable significance of the
unavailable information, which could be material to future
results.
Non-GAAP Financial
Information
CNH monitors its operations through the use of
several non-GAAP financial measures. CNH’s management believes that
these non-GAAP financial measures provide useful and relevant
information regarding its operating results and enhance the
readers’ ability to assess CNH’s financial performance and
financial position. Management uses these non-GAAP measures to
identify operational trends, as well as make decisions regarding
future spending, resource allocations and other operational
decisions as they provide additional transparency with respect to
our core operations. These non-GAAP financial measures have no
standardized meaning under U.S. GAAP and are unlikely to be
comparable to other similarly titled measures used by other
companies and are not intended to be substitutes for measures of
financial performance and financial position as prepared in
accordance with U.S. GAAP.
CNH’s non-GAAP financial measures are defined as
follows:
- Adjusted EBIT of Industrial
Activities under U.S. GAAP is defined as net income (loss) before
the following items: Income taxes, Financial Services’ results,
Industrial Activities’ interest expenses, net, foreign exchange
gains/losses, finance and non-service component of pension and
other post-employment benefit costs, restructuring expenses, and
certain non-recurring items. In particular, non-recurring items are
specifically disclosed items that management considers rare or
discrete events that are infrequent in nature and not reflective of
on-going operational activities.
- Adjusted EBIT Margin of Industrial
Activities: is computed by dividing Adjusted EBIT of Industrial
Activities by Net Sales of Industrial Activities.
- Adjusted Net Income (Loss): is
defined as net income (loss), less restructuring charges and
non-recurring items, after tax.
- Adjusted Diluted EPS: is computed
by dividing Adjusted Net Income (loss) attributable to CNH
Industrial N.V. by a weighted-average number of common shares
outstanding during the period that takes into consideration
potential common shares outstanding deriving from the CNH
share-based payment awards, when inclusion is not anti-dilutive.
When we provide guidance for adjusted diluted EPS, we do not
provide guidance on an earnings per share basis because the GAAP
measure will include potentially significant items that have not
yet occurred and are difficult to predict with reasonable certainty
prior to year-end.
- Adjusted Income Tax (Expense)
Benefit: is defined as income taxes less the tax effect of
restructuring expenses and non-recurring items, and non-recurring
tax charges or benefits.
- Adjusted Effective Tax Rate
(Adjusted ETR): is computed by dividing a) adjusted income taxes by
b) income (loss) before income taxes and equity in income of
unconsolidated subsidiaries and affiliates, less restructuring
expenses and non-recurring items.
- Net Cash (Debt) and Net Cash (Debt)
of Industrial Activities: Net Cash (Debt) is defined as total debt
less intersegment notes receivable, cash and cash equivalents,
restricted cash, other current financial assets (primarily current
securities, short-term deposits and investments towards high-credit
rating counterparties) and derivative hedging debt. CNH provides
the reconciliation of Net Cash (Debt) to Total (Debt), which is the
most directly comparable measure included in the consolidated
balance sheets. Due to different sources of cash flows used for the
repayment of the debt between Industrial Activities and Financial
Services (by cash from operations for Industrial Activities and by
collection of financing receivables for Financial Services),
management separately evaluates the cash flow performance of
Industrial Activities using Net Cash (Debt) of Industrial
Activities.
- Free Cash Flow of Industrial
Activities (or Industrial Free Cash Flow): refers to Industrial
Activities only, and is computed as consolidated cash flow from
operating activities less: cash flow from operating activities of
Financial Services; investments of Industrial Activities in assets
sold under operating leases, property, plant and equipment and
intangible assets; change in derivatives hedging debt of Industrial
Activities; as well as other changes and intersegment
eliminations.
- Change excl. FX or Constant
Currency: CNH discusses the fluctuations in revenues on a constant
currency basis by applying the prior year average exchange rates to
current year’s revenues expressed in local currency in order to
eliminate the impact of foreign exchange rate fluctuations.
The tables attached to this press release
provide reconciliations of the non-GAAP measures used in this press
release to the most directly comparable GAAP measures.
Forward-looking Statements
All statements other than statements of
historical fact contained in this press release including
competitive strengths; business strategy; future financial position
or operating results; budgets; projections with respect to revenue,
income, earnings (or loss) per share, capital expenditures,
dividends, liquidity, capital structure or other financial items;
costs; and plans and objectives of management regarding operations
and products, are forward-looking statements. Forward-looking
statements also include statements regarding the future performance
of CNH and its subsidiaries on a standalone basis. These statements
may include terminology such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”,
“continue”, “remain”, “on track”, “design”, “target”, “objective”,
“goal”, “forecast”, “projection”, “prospects”, “plan”, or similar
terminology. Forward-looking statements are not guarantees of
future performance. Rather, they are based on current views and
assumptions and involve known and unknown risks, uncertainties and
other factors, many of which are outside our control and are
difficult to predict. If any of these risks and uncertainties
materialize (or they occur with a degree of severity that the
Company is unable to predict) or other assumptions underlying any
of the forward-looking statements prove to be incorrect, including
any assumptions regarding strategic plans, the actual results or
developments may differ materially from any future results or
developments expressed or implied by the forward-looking
statements.
Factors, risks and uncertainties that could
cause actual results to differ materially from those contemplated
by the forward-looking statements include, among others: economic
conditions in each of our markets, including the significant
uncertainty caused by geopolitical events; production and supply
chain disruptions, including industry capacity constraints,
material availability, and global logistics delays and constraints;
the many interrelated factors that affect consumer confidence and
worldwide demand for capital goods and capital goods-related
products, changes in government policies regarding banking,
monetary and fiscal policy; legislation, particularly pertaining to
capital goods-related issues such as agriculture, the environment,
debt relief and subsidy program policies, commerce and
infrastructure development; government policies on international
trade and investment, including sanctions and actions after recent
U.S. elections in respect to global trade, tariffs, trade
agreements, and the uncertainty of our ability to sell products
internationally based on these actions and policies; actions of
competitors in the various industries in which we compete;
development and use of new technologies and technological
difficulties; the interpretation of, or adoption of new, compliance
requirements with respect to engine emissions, safety or other
aspects of our products; labor relations; interest rates and
currency exchange rates; inflation and deflation; energy prices;
prices for agricultural commodities and material price increases;
housing starts and other construction activity; our ability to
obtain financing or to refinance existing debt; price pressure on
new and used equipment; the resolution of pending litigation and
investigations on a wide range of topics, including dealer and
supplier litigation, intellectual property rights disputes, product
warranty and defective product claims, and emissions and/or fuel
economy regulatory and contractual issues; security breaches,
cybersecurity attacks, technology failures, and other disruptions
to the information technology infrastructure of CNH and its
suppliers and dealers; security breaches with respect to our
products; our pension plans and other post-employment obligations;
political and civil unrest; volatility and deterioration of capital
and financial markets, including pandemics (such as the COVID-19
pandemic), terrorist attacks in Europe and elsewhere; the
remediation of a material weakness; our ability to realize the
anticipated benefits from our business initiatives as part of our
strategic plan, including targeted restructuring actions to
optimize our cost structure and improve the efficiency of our
operations; our failure to realize, or a delay in realizing, all of
the anticipated benefits of our acquisitions, joint ventures,
strategic alliances or divestitures and other similar risks and
uncertainties, and our success in managing the risks involved in
the foregoing.
Forward-looking statements are based upon
assumptions relating to the factors described in this press
release, which are sometimes based upon estimates and data received
from third parties. Such estimates and data are often revised.
Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many
of which are outside CNH's control. CNH expressly disclaims any
intention or obligation to provide, update or revise any
forward-looking statements in this announcement to reflect any
change in expectations or any change in events, conditions or
circumstances on which these forward-looking statements are
based.
Further information concerning CNH, including
factors that potentially could materially affect its financial
results, is included in the Company's reports and filings with the
U.S. Securities and Exchange Commission ("SEC").
All future written and oral forward-looking
statements by CNH or persons acting on the behalf of CNH are
expressly qualified in their entirety by the cautionary statements
contained herein or referred to above.
Additional factors could cause actual results to
differ from those expressed or implied by the forward-looking
statements included in the Company’s filings with the SEC
(including, but not limited to, the factors discussed in our most
recent annual report on Form 10-K and subsequent quarterly reports
on Form 10-Q).
Conference Call and Webcast
Today, at 9:00 a.m. EST, management will hold a
conference call to present fourth quarter and full year 2024
results to financial analysts and institutional investors. The call
can be followed live online at bit.ly/CNH_Q4FY_2024 and a
recording will be available later on the Company’s website
www.cnh.com. A presentation will be made available on the CNH
website prior to the conference call.
CONTACTS
Media Inquiries – Laura Overall
Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249(Email
mediarelations@cnh.com)
Investor Relations – Jason
Omerza Tel +1 630 740 8079 or Federico Pavesi Tel +39 345 605
6218(Email investor.relations@cnh.com)
CNH INDUSTRIAL N.V.Consolidated
Statements of Operations for the three months and years ended
December 31, 2024 and 2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
($ million) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
4,129 |
|
|
6,018 |
|
|
17,060 |
|
|
22,080 |
|
|
Finance, interest and other income |
|
747 |
|
|
774 |
|
|
2,776 |
|
|
2,607 |
|
| Total
Revenues |
|
4,876 |
|
|
6,792 |
|
|
19,836 |
|
|
24,687 |
|
| Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
3,323 |
|
|
4,705 |
|
|
13,350 |
|
|
16,838 |
|
|
Selling, general and administrative expenses |
|
414 |
|
|
478 |
|
|
1,712 |
|
|
1,863 |
|
|
Research and development expenses |
|
238 |
|
|
275 |
|
|
924 |
|
|
1,041 |
|
|
Restructuring expenses |
|
24 |
|
|
59 |
|
|
118 |
|
|
67 |
|
|
Interest expense |
|
421 |
|
|
404 |
|
|
1,611 |
|
|
1,345 |
|
|
Other, net |
|
215 |
|
|
294 |
|
|
664 |
|
|
830 |
|
| Total Costs and
Expenses |
|
4,635 |
|
|
6,215 |
|
|
18,379 |
|
|
21,984 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) of Consolidated
Group before Income Taxes |
|
241 |
|
|
577 |
|
|
1,457 |
|
|
2,703 |
|
| Income tax (expense)
benefit |
|
(89) |
|
|
(58) |
|
|
(336) |
|
|
(594) |
|
| Equity in income (loss) of
unconsolidated subsidiaries and affiliates |
|
24 |
|
|
64 |
|
|
138 |
|
|
178 |
|
| Net Income
(loss) |
|
176 |
|
|
583 |
|
|
1,259 |
|
|
2,287 |
|
| Net income attributable to
noncontrolling interests |
|
3 |
|
|
1 |
|
|
13 |
|
|
12 |
|
| Net Income (loss)
attributable to CNH Industrial N.V. |
|
173 |
|
|
582 |
|
|
1,246 |
|
|
2,275 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per
share attributable to CNH Industrial N.V. |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
0.14 |
|
|
0.44 |
|
|
0.99 |
|
|
1.71 |
|
| Diluted |
|
0.14 |
|
|
0.44 |
|
|
0.99 |
|
|
1.69 |
|
| Weighted average
shares outstanding (in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
1,248 |
|
|
1,317 |
|
|
1,254 |
|
|
1,332 |
|
| Diluted |
|
1,253 |
|
|
1,334 |
|
|
1,260 |
|
|
1,350 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash dividends
declared per common share |
|
— |
|
|
— |
|
|
0.470 |
|
|
0.396 |
|
These Consolidated Statements of Operations
should be read in conjunction with the Company’s Audited
Consolidated Financial Statements and Notes for the year ended
December 31, 2023 included in the Annual Report on Form 10-K. These
Consolidated Statements of Operations represent the consolidation
of all CNH Industrial N.V. subsidiaries.
CNH INDUSTRIAL N.V.Consolidated Balance
Sheets as of December 31, 2024 and December 31,
2023(Unaudited, U.S. GAAP)
| ($ million) |
|
December 31, 2024 |
|
December 31, 2023 |
|
Assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
3,191 |
|
|
4,322 |
|
| Restricted cash |
|
675 |
|
|
723 |
|
| Financing receivables,
net |
|
23,085 |
|
|
24,249 |
|
| Receivables from Iveco Group
N.V. |
|
168 |
|
|
380 |
|
| Inventories, net |
|
4,776 |
|
|
5,545 |
|
| Property, plant and equipment,
net and equipment under operating lease |
|
3,402 |
|
|
3,330 |
|
| Intangible assets, net |
|
4,805 |
|
|
4,906 |
|
| Other receivables and
assets |
|
2,831 |
|
|
2,812 |
|
| Total
Assets |
|
42,933 |
|
|
46,267 |
|
| Liabilities and
Equity |
|
|
|
|
|
|
| Debt |
|
26,882 |
|
|
27,326 |
|
| Payables to Iveco Group
N.V. |
|
62 |
|
|
146 |
|
| Other payables and
liabilities |
|
8,221 |
|
|
10,645 |
|
| Total
Liabilities |
|
35,165 |
|
|
38,117 |
|
| Redeemable noncontrolling
interest |
|
55 |
|
|
54 |
|
| Equity |
|
7,713 |
|
|
8,096 |
|
| Total Liabilities and
Equity |
|
42,933 |
|
|
46,267 |
|
These Consolidated Balance Sheets should be read
in conjunction with the Company’s Audited Consolidated Financial
Statements and Notes for the year ended December 31, 2023 included
in the Annual Report on Form 10-K. These Consolidated Balance
Sheets represent the consolidation of all CNH Industrial N.V.
subsidiaries.
CNH INDUSTRIAL N.V.Consolidated
Statement of Cash Flows for the years ended December 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Year Ended December 31, |
|
($ million) |
|
2024 |
|
|
2023 |
|
| Cash Flows from
Operating Activities |
|
|
|
|
|
|
| Net income (loss) |
|
1,259 |
|
|
2,287 |
|
| Adjustments to reconcile net
income to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization expense excluding assets under
operating lease |
|
417 |
|
|
377 |
|
|
Depreciation and amortization expense of assets under operating
lease |
|
188 |
|
|
187 |
|
|
(Gain) loss from disposal of assets |
|
11 |
|
|
10 |
|
|
Undistributed (income) loss of unconsolidated subsidiaries |
|
(11) |
|
|
(115) |
|
|
Other non-cash items |
|
329 |
|
|
173 |
|
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Provisions |
|
(204) |
|
|
911 |
|
|
Deferred income taxes |
|
(107) |
|
|
(535) |
|
|
Trade and financing receivables related to sales, net |
|
1,015 |
|
|
(2,268) |
|
|
Inventories, net |
|
787 |
|
|
(259) |
|
|
Trade payables |
|
(1,186) |
|
|
(157) |
|
|
Other assets and liabilities |
|
(530) |
|
|
296 |
|
| Net cash provided (used) by
operating activities |
|
1,968 |
|
|
907 |
|
| Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
Additions to retail receivables |
|
(8,227) |
|
|
(8,069) |
|
|
Collections of retail receivables |
|
6,459 |
|
|
5,824 |
|
|
Proceeds from sale of assets, net of assets sold under operating
leases |
|
1 |
|
|
16 |
|
|
Expenditures for property, plant and equipment and intangible
assets, net of assets under operating lease |
|
(536) |
|
|
(644) |
|
|
Expenditures for assets under operating lease |
|
(650) |
|
|
(551) |
|
|
Other |
|
181 |
|
|
(275) |
|
| Net cash provided (used) by
investing activities |
|
(2,772) |
|
|
(3,699) |
|
| Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
Net increase (decrease) in debt |
|
1,242 |
|
|
3,788 |
|
|
Dividends paid |
|
(607) |
|
|
(538) |
|
|
Other |
|
(702) |
|
|
(652) |
|
| Net cash provided (used) by
financing activities |
|
(67) |
|
|
2,598 |
|
| Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(308) |
|
|
110 |
|
| Net increase
(decrease) in cash, cash equivalents and restricted
cash |
|
(1,179) |
|
|
(84) |
|
| Cash, cash equivalents
and restricted cash, beginning of year |
|
5,045 |
|
|
5,129 |
|
| Cash, cash equivalents
and restricted cash, end of period |
|
3,866 |
|
|
5,045 |
|
These Consolidated Statements of Cash Flows
should be read in conjunction with the Company’s Audited
Consolidated Financial Statements and Notes for the year ended
December 31, 2023 included in the Annual Report on Form 10-K. These
Consolidated Statements of Cash Flows represent the consolidation
of all CNH Industrial N.V. subsidiaries.
CNH INDUSTRIAL N.V.Supplemental
Statements of Operations for the Three Months Ended December 31,
2024 and 2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended December 31, 2024 |
|
Three Months Ended December 31, 2023 |
|
($ million) |
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
4,129 |
|
— |
|
— |
|
4,129 |
|
|
6,018 |
|
— |
|
— |
|
6,018 |
|
| Finance, interest and other
income |
|
32 |
|
743 |
|
(28) |
(2) |
747 |
|
|
53 |
|
768 |
|
(47) |
(2) |
774 |
|
| Total
Revenues |
|
4,161 |
|
743 |
|
(28) |
|
4,876 |
|
|
6,071 |
|
768 |
|
(47) |
|
6,792 |
|
| Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
3,323 |
|
— |
|
— |
|
3,323 |
|
|
4,705 |
|
— |
|
— |
|
4,705 |
|
| Selling, general and
administrative expenses |
|
351 |
|
63 |
|
— |
|
414 |
|
|
426 |
|
52 |
|
— |
|
478 |
|
| Research and development
expenses |
|
238 |
|
— |
|
— |
|
238 |
|
|
275 |
|
— |
|
— |
|
275 |
|
| Restructuring expenses |
|
24 |
|
— |
|
— |
|
24 |
|
|
57 |
|
2 |
|
— |
|
59 |
|
| Interest expense |
|
70 |
|
379 |
|
(28) |
(3) |
421 |
|
|
93 |
|
358 |
|
(47) |
(3) |
404 |
|
| Other, net |
|
56 |
|
159 |
|
— |
|
215 |
|
|
92 |
|
202 |
|
— |
|
294 |
|
| Total Costs and
Expenses |
|
4,062 |
|
601 |
|
(28) |
|
4,635 |
|
|
5,648 |
|
614 |
|
(47) |
|
6,215 |
|
| Income (loss) of Consolidated
Group before Income Taxes |
|
99 |
|
142 |
|
— |
|
241 |
|
|
423 |
|
154 |
|
— |
|
577 |
|
| Income tax (expense)
benefit |
|
(34) |
|
(55) |
|
— |
|
(89) |
|
|
(11) |
|
(47) |
|
— |
|
(58) |
|
| Equity in income (loss) of
unconsolidated subsidiaries and affiliates |
|
19 |
|
5 |
|
— |
|
24 |
|
|
58 |
|
6 |
|
— |
|
64 |
|
| Net Income
(loss) |
|
84 |
|
92 |
|
— |
|
176 |
|
|
470 |
|
113 |
|
— |
|
583 |
|
(1) Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2) Elimination of Financial
Services’ interest income earned from Industrial Activities.(3)
Elimination of Industrial Activities’ interest expense to Financial
Services.
CNH INDUSTRIAL
N.V.Supplemental Statements of Operations for the
years ended December 31, 2024 and 2023(Unaudited, U.S.
GAAP)
| |
|
Year Ended December 31, 2024 |
|
Year Ended December 31, 2023 |
|
($ million) |
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
17,060 |
|
— |
|
— |
|
17,060 |
|
|
22,080 |
|
— |
|
— |
|
22,080 |
|
| Finance, interest and other
income |
|
130 |
|
2,774 |
|
(128) |
(2) |
2,776 |
|
|
206 |
|
2,573 |
|
(172) |
(2) |
2,607 |
|
| Total
Revenues |
|
17,190 |
|
2,774 |
|
(128) |
|
19,836 |
|
|
22,286 |
|
2,573 |
|
(172) |
|
24,687 |
|
| Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
13,350 |
|
— |
|
— |
|
13,350 |
|
|
16,838 |
|
— |
|
— |
|
16,838 |
|
| Selling, general and
administrative expenses |
|
1,380 |
|
332 |
|
— |
|
1,712 |
|
|
1,645 |
|
218 |
|
— |
|
1,863 |
|
| Research and development
expenses |
|
924 |
|
— |
|
— |
|
924 |
|
|
1,041 |
|
— |
|
— |
|
1,041 |
|
| Restructuring expenses |
|
117 |
|
1 |
|
— |
|
118 |
|
|
65 |
|
2 |
|
— |
|
67 |
|
| Interest expense |
|
282 |
|
1,457 |
|
(128) |
(3) |
1,611 |
|
|
282 |
|
1,235 |
|
(172) |
(3) |
1,345 |
|
| Other, net |
|
150 |
|
514 |
|
— |
|
664 |
|
|
201 |
|
629 |
|
— |
|
830 |
|
| Total Costs and
Expenses |
|
16,203 |
|
2,304 |
|
(128) |
|
18,379 |
|
|
20,072 |
|
2,084 |
|
(172) |
|
21,984 |
|
| Income (loss) of Consolidated
Group before Income Taxes |
|
987 |
|
470 |
|
— |
|
1,457 |
|
|
2,214 |
|
489 |
|
— |
|
2,703 |
|
| Income tax (expense)
benefit |
|
(226) |
|
(110) |
|
— |
|
(336) |
|
|
(458) |
|
(136) |
|
— |
|
(594) |
|
| Equity in income (loss) of
unconsolidated subsidiaries and affiliates |
|
119 |
|
19 |
|
— |
|
138 |
|
|
160 |
|
18 |
|
— |
|
178 |
|
| Net Income
(loss) |
|
880 |
|
379 |
|
— |
|
1,259 |
|
|
1,916 |
|
371 |
|
— |
|
2,287 |
|
(1) Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2) Elimination of Financial
Services’ interest income earned from Industrial Activities.(3)
Elimination of Industrial Activities’ interest expense to Financial
Services.
CNH INDUSTRIAL N.V.Supplemental Balance
Sheets as of December 31, 2024 and December 31,
2023(Unaudited, U.S. GAAP)
| |
|
December 31, 2024 |
|
December 31, 2023 |
|
($ million) |
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
2,332 |
|
859 |
|
— |
|
3,191 |
|
|
3,532 |
|
790 |
|
— |
|
4,322 |
|
| Restricted cash |
|
89 |
|
586 |
|
— |
|
675 |
|
|
96 |
|
627 |
|
— |
|
723 |
|
| Financing receivables,
net |
|
218 |
|
23,528 |
|
(661) |
(2) |
23,085 |
|
|
393 |
|
24,539 |
|
(683) |
(2) |
24,249 |
|
| Receivables from Iveco Group
N.V. |
|
50 |
|
118 |
|
— |
|
168 |
|
|
302 |
|
78 |
|
— |
|
380 |
|
| Inventories, net |
|
4,713 |
|
63 |
|
— |
|
4,776 |
|
|
5,522 |
|
23 |
|
— |
|
5,545 |
|
| Property, plant and equipment,
net and equipment on operating lease |
|
1,979 |
|
1,423 |
|
— |
|
3,402 |
|
|
1,951 |
|
1,379 |
|
— |
|
3,330 |
|
| Intangible assets, net |
|
4,643 |
|
162 |
|
— |
|
4,805 |
|
|
4,739 |
|
167 |
|
— |
|
4,906 |
|
| Other receivables and
assets |
|
2,653 |
|
515 |
|
(337) |
(3) |
2,831 |
|
|
2,622 |
|
536 |
|
(346) |
(3) |
2,812 |
|
| Total
Assets |
|
16,677 |
|
27,254 |
|
(998) |
|
42,933 |
|
|
19,157 |
|
28,139 |
|
(1,029) |
|
46,267 |
|
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt |
|
4,499 |
|
23,173 |
|
(790) |
(2) |
26,882 |
|
|
4,433 |
|
23,721 |
|
(828) |
(2) |
27,326 |
|
| Payables to Iveco Group
N.V. |
|
4 |
|
58 |
|
— |
|
62 |
|
|
6 |
|
140 |
|
— |
|
146 |
|
| Other payables and
liabilities |
|
7,151 |
|
1,278 |
|
(208) |
(3) |
8,221 |
|
|
9,357 |
|
1,489 |
|
(201) |
(3) |
10,645 |
|
| Total Liabilities |
|
11,654 |
|
24,509 |
|
(998) |
|
35,165 |
|
|
13,796 |
|
25,350 |
|
(1,029) |
|
38,117 |
|
| Redeemable noncontrolling
interest |
|
55 |
|
— |
|
— |
|
55 |
|
|
54 |
|
— |
|
— |
|
54 |
|
| Equity |
|
4,968 |
|
2,745 |
|
— |
|
7,713 |
|
|
5,307 |
|
2,789 |
|
— |
|
8,096 |
|
| Total Liabilities and
Equity |
|
16,677 |
|
27,254 |
|
(998) |
|
42,933 |
|
|
19,157 |
|
28,139 |
|
(1,029) |
|
46,267 |
|
(1) Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2) This item includes the
elimination of receivables/payables between Industrial Activities
and Financial Services.(3) This item primarily represents the
reclassification of deferred tax assets/liabilities in the same
taxing jurisdiction and elimination of intercompany activity
between Industrial Activities and Financial Services.
CNH INDUSTRIAL N.V.Supplemental
Statements of Cash Flows for the years ended December 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Year Ended December 31, 2024 |
|
Year Ended December 31, 2023 |
|
($ million) |
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
|
Industrial Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
| Cash Flows from
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
880 |
|
379 |
|
— |
|
1,259 |
|
|
1,916 |
|
371 |
|
— |
|
2,287 |
|
| Adjustments to reconcile net
income to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense excluding assets under
operating lease |
|
413 |
|
4 |
|
— |
|
417 |
|
|
373 |
|
4 |
|
— |
|
377 |
|
| Depreciation and amortization
expense of assets under operating lease |
|
8 |
|
180 |
|
— |
|
188 |
|
|
8 |
|
179 |
|
— |
|
187 |
|
| (Gain) loss from disposal of
assets, net |
|
11 |
|
— |
|
— |
|
11 |
|
|
10 |
|
— |
|
— |
|
10 |
|
| Undistributed (income) loss of
unconsolidated subsidiaries |
|
291 |
|
(19) |
|
(283) |
(2) |
(11) |
|
|
(49) |
|
(18) |
|
(48) |
(2) |
(115) |
|
| Other non-cash items, net |
|
63 |
|
266 |
|
— |
|
329 |
|
|
92 |
|
81 |
|
— |
|
173 |
|
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions |
|
(204) |
|
— |
|
— |
|
(204) |
|
|
908 |
|
3 |
|
— |
|
911 |
|
| Deferred income taxes |
|
(38) |
|
(69) |
|
— |
|
(107) |
|
|
(439) |
|
(96) |
|
— |
|
(535) |
|
| Trade and financing
receivables related to sales, net |
|
3 |
|
1,016 |
|
(4) |
(3) |
1,015 |
|
|
51 |
|
(2,325) |
|
6 |
|
(2,268) |
|
| Inventories, net |
|
472 |
|
315 |
|
— |
|
787 |
|
|
(695) |
|
436 |
|
— |
|
(259) |
|
| Trade payables |
|
(1,173) |
|
(17) |
|
4 |
(3) |
(1,186) |
|
|
(132) |
|
(19) |
|
(6) |
(3) |
(157) |
|
| Other assets and
liabilities |
|
(564) |
|
34 |
|
— |
|
(530) |
|
|
94 |
|
202 |
|
— |
|
296 |
|
| Net cash provided (used) by
operating activities |
|
162 |
|
2,089 |
|
(283) |
|
1,968 |
|
|
2,137 |
|
(1,182) |
|
(48) |
|
907 |
|
| Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additions to retail
receivables |
|
— |
|
(8,227) |
|
— |
|
(8,227) |
|
|
— |
|
(8,069) |
|
— |
|
(8,069) |
|
| Collections of retail
receivables |
|
— |
|
6,459 |
|
— |
|
6,459 |
|
|
— |
|
5,824 |
|
— |
|
5,824 |
|
| Proceeds from sale of assets
excluding assets sold under operating leases |
|
1 |
|
— |
|
— |
|
1 |
|
|
16 |
|
— |
|
— |
|
16 |
|
| Expenditures for property,
plant and equipment and intangible assets excluding assets under
operating lease |
|
(533) |
|
(3) |
|
— |
|
(536) |
|
|
(637) |
|
(7) |
|
— |
|
(644) |
|
| Expenditures for assets under
operating lease |
|
(31) |
|
(619) |
|
— |
|
(650) |
|
|
(30) |
|
(521) |
|
— |
|
(551) |
|
| Other |
|
586 |
|
(431) |
|
26 |
|
181 |
|
|
191 |
|
(677) |
|
211 |
|
(275) |
|
| Net cash provided (used) by
investing activities |
|
23 |
|
(2,821) |
|
26 |
|
(2,772) |
|
|
(460) |
|
(3,450) |
|
211 |
|
(3,699) |
|
| Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in
debt |
|
137 |
|
1,105 |
|
— |
|
1,242 |
|
|
(910) |
|
4,698 |
|
— |
|
3,788 |
|
| Dividends paid |
|
(607) |
|
(283) |
|
283 |
(2) |
(607) |
|
|
(538) |
|
(48) |
|
48 |
(2) |
(538) |
|
| Other |
|
(702) |
|
26 |
|
(26) |
|
(702) |
|
|
(652) |
|
211 |
|
(211) |
|
(652) |
|
| Net cash provided (used) by
financing activities |
|
(1,172) |
|
848 |
|
257 |
|
(67) |
|
|
(2,100) |
|
4,861 |
|
(163) |
|
2,598 |
|
| Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(220) |
|
(88) |
|
— |
|
(308) |
|
|
91 |
|
19 |
|
— |
|
110 |
|
| Net increase
(decrease) in cash, cash equivalents and restricted
cash |
|
(1,207) |
|
28 |
|
— |
|
(1,179) |
|
|
(332) |
|
248 |
|
— |
|
(84) |
|
| Cash, cash equivalents
and restricted cash, beginning of year |
|
3,628 |
|
1,417 |
|
— |
|
5,045 |
|
|
3,960 |
|
1,169 |
|
— |
|
5,129 |
|
| Cash, cash equivalents
and restricted cash, end of period |
|
2,421 |
|
1,445 |
|
— |
|
3,866 |
|
|
3,628 |
|
1,417 |
|
— |
|
5,045 |
|
(1) Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2) This item includes the
elimination of dividends from Financial Services to Industrial
Activities, which are included in Industrial Activities net cash
used in operating activities.(3) This item includes the elimination
of certain minor activities between Industrial Activities and
Financial Services.Other Supplemental Financial
Information
(Unaudited)
|
Adjusted EBIT of Industrial Activities by
Segment |
| |
|
Three Months EndedDecember
31, |
|
Year Ended December 31, |
|
($ million) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Industrial Activities
segments |
|
|
|
|
|
|
|
|
|
| Agriculture |
|
244 |
|
635 |
|
1,470 |
|
2,636 |
|
| Construction |
|
18 |
|
62 |
|
169 |
|
238 |
|
| Unallocated items,
eliminations and other |
|
(68) |
|
(35) |
|
(235) |
|
(240) |
|
| Total Adjusted EBIT of
Industrial Activities |
|
194 |
|
662 |
|
1,404 |
|
2,634 |
|
|
Reconciliation of Consolidated Net Income under U.S. GAAP
to Adjusted EBIT of Industrial Activities |
| |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
($ million) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Net
Income |
|
176 |
|
583 |
|
1,259 |
|
2,287 |
|
| Less: Consolidated income tax
expense |
|
(89) |
|
(58) |
|
(336) |
|
(594) |
|
| Consolidated income
before taxes |
|
265 |
|
641 |
|
1,595 |
|
2,881 |
|
| Less: Financial Services |
|
|
|
|
|
|
|
|
|
|
Financial Services Net Income |
|
92 |
|
113 |
|
379 |
|
371 |
|
|
Financial Services Income Taxes |
|
55 |
|
47 |
|
110 |
|
136 |
|
| Add back of the following
Industrial Activities items: |
|
|
|
|
|
|
|
|
|
|
Interest expense of Industrial Activities, net of Interest income
and eliminations |
|
38 |
|
40 |
|
152 |
|
76 |
|
|
Foreign exchange (gains) losses, net of Industrial Activities |
|
3 |
|
78 |
|
15 |
|
105 |
|
|
Finance and non-service component of Pension and other
post-employment benefit costs of Industrial Activities (1) |
|
8 |
|
6 |
|
10 |
|
4 |
|
| Adjustments for the following
Industrial Activities items: |
|
|
|
|
|
|
|
|
|
|
Restructuring expenses |
|
24 |
|
57 |
|
117 |
|
65 |
|
|
Other discrete items(2) |
|
3 |
|
— |
|
4 |
|
10 |
|
| Total Adjusted EBIT of
Industrial Activities |
|
194 |
|
662 |
|
1,404 |
|
2,634 |
|
(1) In the three
months ended December 31, 2024 and 2023 this item includes the
pre-tax gain of $6 million and $6 million, respectively, as a
result of the amortization over the 4 years of the $101 million
positive impact from the 2021 U.S. healthcare plan modification. In
the year ended December 31, 2024 and 2023 this item includes the
pre-tax gain of $24 million and $24 million, respectively, as a
result of the amortization over the 4 years of the $101 million
positive impact from the 2021 U.S. healthcare plan
modification.
(2) In the three
months ended December 31, 2024 this item includes a loss of $2
million on the sale of certain non-core product lines. In the year
ended December 31, 2024 this item includes a loss of $17 million on
the sale of certain non-core product lines and a gain of $14
million for investment fair value adjustments. In the three months
ended December 31, 2023 this item did not include any discrete
items. In the year ended December 31, 2023 this item includes a
loss of $23 million on the sale of the CNH Industrial Russia and
CNH Capital Russia businesses, partially offset by a gain of $13
million for the fair value remeasurement of Augmenta and
Bennamann.
Other Supplemental Financial Information
(Unaudited)
|
Reconciliation of Total (Debt) to Net Cash (Debt) under
U.S. GAAP |
| |
|
Consolidated |
|
Industrial Activities |
|
Financial Services |
|
($ million) |
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
|
| Third party (debt) |
|
(26,882) |
|
(27,326) |
|
(4,043) |
|
(4,132) |
|
(22,839) |
|
(23,194) |
|
| Intersegment notes
payable |
|
— |
|
— |
|
(456) |
|
(301) |
|
(334) |
|
(527) |
|
| Payable to Iveco Group
N.V. |
|
(62) |
|
(146) |
|
(4) |
|
(6) |
|
(58) |
|
(140) |
|
| Total
(Debt)(1) |
|
(26,944) |
|
(27,472) |
|
(4,503) |
|
(4,439) |
|
(23,231) |
|
(23,861) |
|
| Cash and cash equivalents |
|
3,191 |
|
4,322 |
|
2,332 |
|
3,532 |
|
859 |
|
790 |
|
| Restricted cash |
|
675 |
|
723 |
|
89 |
|
96 |
|
586 |
|
627 |
|
| Intersegment notes
receivable |
|
— |
|
— |
|
334 |
|
527 |
|
456 |
|
301 |
|
| Receivables from Iveco Group
N.V. |
|
168 |
|
380 |
|
50 |
|
302 |
|
118 |
|
78 |
|
| Other current financial
assets(2) |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
| Derivatives hedging debt |
|
(37) |
|
(41) |
|
(29) |
|
(34) |
|
(8) |
|
(7) |
|
| Net Cash
(Debt)(3) |
|
(22,947) |
|
(22,088) |
|
(1,727) |
|
(16) |
|
(21,220) |
|
(22,072) |
|
(1) Total (Debt) of Industrial Activities
includes Intersegment notes payable to Financial Services of $456
million and $301 million as of December 31, 2024 and December 31,
2023, respectively. Total (Debt) of Financial Services includes
Intersegment notes payable to Industrial Activities of $334 million
and $527 million as of December 31, 2024 and December 31, 2023,
respectively.(2) This item includes short-term deposits and
investments towards high-credit rating counterparties.(3) The net
intersegment receivable/(payable) balance recorded by Financial
Services relating to Industrial Activities was $122 million and
$(226) million as of December 31, 2024 and December 31, 2023,
respectively.
|
Reconciliation of Net Cash Provided (Used) by Operating
Activities to Free Cash Flow of Industrial Activities under U.S.
GAAP |
|
Year Ended December 31, |
|
|
|
Three Months Ended December 31, |
|
2024 |
|
2023 |
|
($ million) |
|
2024 |
|
2023 |
|
|
1,968 |
|
907 |
|
Net cash provided
(used) by Operating Activities |
|
1,692 |
|
1,515 |
|
|
(1,806) |
|
1,230 |
|
Cash flows from Operating
Activities of Financial Services, net of eliminations |
|
(645) |
|
481 |
|
|
5 |
|
9 |
|
Change in derivatives hedging
debt of Industrial Activities and other |
|
(7) |
|
7 |
|
|
(31) |
|
(30) |
|
Investments in assets sold
under operating lease assets of Industrial Activities |
|
(4) |
|
(4) |
|
|
(533) |
|
(637) |
|
Investments in property, plant
and equipment, and intangible assets of Industrial Activities |
|
(204) |
|
(240) |
|
|
(4) |
|
(263) |
|
Other changes(1) |
|
16 |
|
(129) |
|
|
(401) |
|
1,216 |
|
Free cash flow of
Industrial Activities |
|
848 |
|
1,630 |
|
(1) This item primarily includes capital increases in
intersegment investments and change in financial receivables.
Other Supplemental Financial Information
(Unaudited)
|
Reconciliation of Adjusted Net Income and Adjusted Income
Tax (Expense) Benefit to Net Income (Loss) and Income Tax (Expense)
Benefit and Calculation of Adjusted Diluted EPS and Adjusted ETR
under U.S. GAAP |
|
Year Ended December 31, |
|
|
|
Three Months Ended December 31, |
|
2024 |
|
2023 |
|
($ million) |
|
2024 |
|
2023 |
|
|
1,259 |
|
2,287 |
|
Net income
(loss) |
|
176 |
|
583 |
|
|
97 |
|
53 |
|
Adjustments impacting Income
(loss) before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (a) |
|
20 |
|
53 |
|
|
(17) |
|
(123) |
|
Adjustments impacting Income
tax (expense) benefit (b) |
|
— |
|
(113) |
|
|
1,339 |
|
2,217 |
|
Adjusted net income
(loss) |
|
196 |
|
523 |
|
|
1,326 |
|
2,205 |
|
Adjusted net income (loss)
attributable to CNH Industrial N.V. |
|
193 |
|
522 |
|
|
1,260 |
|
1,350 |
|
Weighted average shares
outstanding – diluted (million) |
|
1,253 |
|
1,334 |
|
|
1.05 |
|
1.63 |
|
Adjusted diluted EPS
($) |
|
0.15 |
|
0.39 |
|
| |
|
|
|
|
|
|
|
|
|
|
1,457 |
|
2,703 |
|
Income (loss) of Consolidated
Group before income tax (expense) benefit |
|
241 |
|
577 |
|
|
97 |
|
53 |
|
Adjustments impacting Income
(loss) before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (a) |
|
20 |
|
53 |
|
|
1,554 |
|
2,756 |
|
Adjusted income (loss)
before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (A) |
|
261 |
|
630 |
|
| |
|
|
|
|
|
|
|
|
|
|
(336) |
|
(594) |
|
Income tax (expense)
benefit |
|
(89) |
|
(58) |
|
|
(17) |
|
(123) |
|
Adjustments impacting Income
tax (expense) benefit (b) |
|
— |
|
(113) |
|
|
(353) |
|
(717) |
|
Adjusted income tax
(expense) benefit (B) |
|
(89) |
|
(171) |
|
| |
|
|
|
|
|
|
|
|
|
|
22.7 % |
|
26.0 % |
|
Adjusted Effective Tax
Rate (Adjusted ETR) (C=B/A) |
|
34.1 % |
|
27.1 % |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
a) Adjustments
impacting Income (loss) before income tax (expense) benefit and
equity in income of unconsolidated subsidiaries and
affiliates |
|
|
|
|
|
|
118 |
|
67 |
|
Restructuring expenses |
|
24 |
|
59 |
|
|
(24) |
|
(24) |
|
Pre-tax gain related to the
2021 modification of a healthcare plan in the U.S. |
|
(6) |
|
(6) |
|
|
— |
|
17 |
|
Loss on sale of Industrial
Activities, Russia Operations |
|
— |
|
— |
|
|
— |
|
6 |
|
Loss on sale of Financial
Services, Russia Operations |
|
— |
|
— |
|
|
17 |
|
— |
|
Sales of certain non-core
product lines |
|
2 |
|
— |
|
|
(14) |
|
(13) |
|
Investment fair value
adjustments |
|
— |
|
— |
|
|
97 |
|
53 |
|
Total |
|
20 |
|
53 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
b) Adjustments
impacting Income tax (expense) benefit |
|
|
|
|
|
|
(23) |
|
(24) |
|
Tax effect of adjustments
impacting Income (loss) before income tax (expense) benefit and
equity in income of unconsolidated subsidiaries and affiliates |
|
(6) |
|
(14) |
|
|
6 |
|
(99) |
|
Adjustment to valuation
allowances on deferred tax assets |
|
6 |
|
(99) |
|
|
(17) |
|
(123) |
|
Total |
|
— |
|
(113) |
|
Other Supplemental Financial
Information
(Unaudited)
Revision of Prior Period Financial
Statements: In connection with the preparation of our
condensed consolidated financial statements for the three months
ended September 30, 2024, we had revised prior periods’ results to
reflect an immaterial correction for the accounting treatment
related to highly inflationary accounting for our unconsolidated
affiliate in Türkiye. CNH owns 37.5% of TürkTraktör ve Ziraat
Makineleri A.S. (TTRAK.IS) and accounts for its ownership stake
under the equity method. The functional currency of Türkiye-based
TürkTraktör is the Turkish lira, and the Türkiye economy was deemed
highly inflationary in 2022. CNH determined that its translation
criteria from Turkish lira into CNH’s functional currency of U.S.
dollars resulted in an overstatement of CNH’s Equity in income of
unconsolidated subsidiaries and affiliates by $96 million in 2023
and by $67 million in the first half of 2024. Impacts in 2022 were
included in the 2023 amount. We have revised our GAAP and Non-GAAP
results for all prior periods presented herein.
The prior period impacts to the Company’s
consolidated statements of operations and the related impacts to
the statements of consolidated comprehensive income are as
follows.
| |
|
Three Months Ended December 31,
2023 |
|
Twelve Months Ended December 31,
2023 |
|
($ million, except EPS) |
|
Previously Reported |
Revision Impacts |
As Revised |
|
Previously Reported |
Revision Impacts |
As Revised |
|
| Income (loss) of
Consolidated Group before Income Taxes |
|
$
577 |
$
— |
$
577 |
|
$ 2,703 |
$
— |
$
2,703 |
|
|
Income tax expense |
|
(58) |
— |
(58) |
|
(594) |
— |
(594) |
|
|
Equity in income of unconsolidated subsidiaries and affiliates |
|
98 |
(34) |
64 |
|
274 |
(96) |
178 |
|
| Net income
(loss) |
|
617 |
(34) |
583 |
|
2,383 |
(96) |
2,287 |
|
|
Net income (loss) attributable to noncontrolling interests |
|
1 |
— |
1 |
|
12 |
— |
12 |
|
| Net income (loss)
attributable to CNH Industrial N.V. |
|
$
616 |
$
(34) |
$
582 |
|
$ 2,371 |
$
(96) |
$
2,275 |
|
| |
|
|
|
|
|
|
|
|
|
| Earnings per share
attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$
0.47 |
$ (0.03) |
$ 0.44 |
|
$ 1.78 |
$ (0.07) |
$
1.71 |
|
|
Diluted |
|
$
0.46 |
$ (0.02) |
$ 0.44 |
|
$ 1.76 |
$ (0.07) |
$
1.69 |
|
The prior period impacts to the Company's
Consolidated Balance Sheets are as follows:
| |
|
December 31, 2023 |
|
($ million) |
|
Previously Reported |
Revision Impacts |
As Revised |
|
| Assets |
|
|
|
|
|
| Investments in unconsolidated
subsidiaries and affiliates(1) |
|
563 |
(84) |
479 |
|
| Total
Assets |
|
$ 46,351 |
$
(84) |
$ 46,267 |
|
| Liabilities and
Equity |
|
|
|
|
|
| Total
Liabilities |
|
38,117 |
— |
38,117 |
|
| Redeemable
equity |
|
54 |
— |
54 |
|
| Retained earnings |
|
9,750 |
(96) |
9,654 |
|
| Accumulated other
comprehensive loss |
|
(2,374) |
12 |
(2,362) |
|
| Total
Equity |
|
8,180 |
(84) |
8,096 |
|
| Total Liabilities and
Equity |
|
$ 46,351 |
$
(84) |
$ 46,267 |
|
(1) Included in Other Receivables and
Assets on the Consolidated Balance Sheets.
Other Supplemental Financial
Information
(Unaudited)
The prior period impacts to the Company's Consolidated Statement
of Cash Flows are as follows:
| |
|
Twelve Months EndedDecember 31,
2023 |
|
($ million) |
|
Previously Reported |
Revision Impacts |
As Revised |
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
Net Income (loss) |
|
$ 2,383 |
$
(96) |
$ 2,287 |
|
|
Adjustments to reconcile net income (loss) to net cash provided
(used) by operating activities: |
|
|
|
|
|
|
Undistributed income of unconsolidated subsidiaries |
|
(211) |
96 |
(115) |
|
| Net cash provided (used) by operating activities |
|
$
907 |
$
— |
$
907 |
|
Other Supplemental Financial
Information
(Unaudited)
|
($ million, except EPS) |
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
H1 2024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity in
income of unconsolidated subsidiaries and affiliates |
|
|
|
| As reported |
$ |
33 |
|
$ |
64 |
|
$ |
79 |
|
$ |
98 |
|
$ |
274 |
|
$ |
77 |
|
$ |
79 |
|
$ |
156 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
18 |
|
$ |
47 |
|
$ |
49 |
|
$ |
64 |
|
$ |
178 |
|
$ |
44 |
|
$ |
45 |
|
$ |
89 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As reported |
$ |
486 |
|
$ |
710 |
|
$ |
570 |
|
$ |
617 |
|
$ |
2,383 |
|
$ |
402 |
|
$ |
438 |
|
$ |
840 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
471 |
|
$ |
693 |
|
$ |
540 |
|
$ |
583 |
|
$ |
2,287 |
|
$ |
369 |
|
$ |
404 |
|
$ |
773 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income (loss) attributable to CNH Industrial N.V. |
| As reported |
$ |
482 |
|
$ |
706 |
|
$ |
567 |
|
$ |
616 |
|
$ |
2,371 |
|
$ |
401 |
|
$ |
433 |
|
$ |
834 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
467 |
|
$ |
689 |
|
$ |
537 |
|
$ |
582 |
|
$ |
2,275 |
|
$ |
368 |
|
$ |
399 |
|
$ |
767 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings
per share attributable to CNH Industrial N.V. - Basic |
| As reported |
$ |
0.36 |
|
$ |
0.53 |
|
$ |
0.43 |
|
$ |
0.47 |
|
$ |
1.78 |
|
$ |
0.32 |
|
$ |
0.34 |
|
$ |
0.66 |
|
| Revision impacts |
(0.01) |
|
(0.02) |
|
(0.03) |
|
(0.03) |
|
(0.07) |
|
(0.03) |
|
(0.02) |
|
(0.05) |
|
| As revised |
$ |
0.35 |
|
$ |
0.51 |
|
$ |
0.40 |
|
$ |
0.44 |
|
$ |
1.71 |
|
$ |
0.29 |
|
$ |
0.32 |
|
$ |
0.61 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings
per share attributable to CNH Industrial N.V. -
Diluted |
| As reported |
$ |
0.35 |
|
$ |
0.52 |
|
$ |
0.42 |
|
$ |
0.46 |
|
$ |
1.76 |
|
$ |
0.31 |
|
$ |
0.34 |
|
$ |
0.66 |
|
| Revision impacts |
(0.01) |
|
(0.01) |
|
(0.02) |
|
(0.02) |
|
(0.07) |
|
(0.02) |
|
(0.02) |
|
(0.05) |
|
| As revised |
$ |
0.34 |
|
$ |
0.51 |
|
$ |
0.40 |
|
$ |
0.44 |
|
$ |
1.69 |
|
$ |
0.29 |
|
$ |
0.32 |
|
$ |
0.61 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net
income(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As reported |
$ |
475 |
|
$ |
711 |
|
$ |
570 |
|
$ |
557 |
|
$ |
2,313 |
|
$ |
421 |
|
$ |
485 |
|
$ |
906 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
460 |
|
$ |
694 |
|
$ |
540 |
|
$ |
523 |
|
$ |
2,217 |
|
$ |
388 |
|
$ |
451 |
|
$ |
839 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted diluted
EPS(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| As reported |
$ |
0.35 |
|
$ |
0.52 |
|
$ |
0.42 |
|
$ |
0.42 |
|
$ |
1.70 |
|
$ |
0.33 |
|
$ |
0.38 |
|
$ |
0.71 |
|
| Revision impacts |
(0.01) |
|
(0.01) |
|
(0.02) |
|
(0.03) |
|
(0.07) |
|
(0.03) |
|
(0.03) |
|
(0.05) |
|
| As revised |
$ |
0.34 |
|
$ |
0.51 |
|
$ |
0.40 |
|
$ |
0.39 |
|
$ |
1.63 |
|
$ |
0.30 |
|
$ |
0.35 |
|
$ |
0.66 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBIT of Industrial Activities(1) |
| As reported |
$ |
555 |
|
$ |
822 |
|
$ |
657 |
|
$ |
696 |
|
$ |
2,730 |
|
$ |
405 |
|
$ |
536 |
|
$ |
941 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
540 |
|
$ |
805 |
|
$ |
627 |
|
$ |
662 |
|
$ |
2,634 |
|
$ |
372 |
|
$ |
502 |
|
$ |
874 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBIT margin of Industrial Activities(1) |
| As reported |
11.6 % |
|
13.8 % |
|
12.3 % |
|
11.6 % |
|
12.4 % |
|
9.8 % |
|
11.2 % |
|
10.5 % |
|
| Revision impacts |
(0.3) % |
|
(0.3) % |
|
(0.5) % |
|
(0.6) % |
|
(0.5) % |
|
(0.8) % |
|
(0.7) % |
|
(0.7) % |
|
| As revised |
11.3 % |
|
13.5 % |
|
11.8 % |
|
11.0 % |
|
11.9 % |
|
9.0 % |
|
10.5 % |
|
9.8 % |
|
Other Supplemental Financial
Information
(Unaudited)
| ($
million) |
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
H1 2024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBIT of Agriculture(1) |
|
|
|
| As reported |
$ |
570 |
|
$ |
821 |
|
$ |
672 |
|
$ |
669 |
|
$ |
2,732 |
|
$ |
421 |
|
$ |
536 |
|
$ |
957 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| As revised |
$ |
555 |
|
$ |
804 |
|
$ |
642 |
|
$ |
635 |
|
$ |
2,636 |
|
$ |
388 |
|
$ |
502 |
|
$ |
890 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBIT Margin of Agriculture(1) |
| As reported |
14.5 % |
|
16.8 % |
|
15.3 % |
|
13.5 % |
|
15.1 % |
|
12.5 % |
|
13.7 % |
|
13.1 % |
|
| Revision impacts |
(0.4) % |
|
(0.4) % |
|
(0.7) % |
|
(0.7) % |
|
(0.6) % |
|
(1.0) % |
|
(0.9) % |
|
(0.9) % |
|
| As revised |
14.1 % |
|
16.4 % |
|
14.6 % |
|
12.8 % |
|
14.5 % |
|
11.5 % |
|
12.8 % |
|
12.2 % |
|
(1) This is a non-GAAP financial
measure. See reconciliation to the most comparable U.S. GAAP
financial measure below.
The following table includes the reconciliation
of Adjusted EBIT for Industrial Activities to net income, the most
comparable U.S. GAAP financial measure:
| ($
million) |
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
H1 2024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (loss) - as
reported |
$ |
486 |
|
$ |
710 |
|
$ |
570 |
|
$ |
617 |
|
$ |
2,383 |
|
$ |
402 |
|
$ |
438 |
|
$ |
840 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| Net income (loss) - as
revised |
471 |
|
693 |
|
540 |
|
583 |
|
2,287 |
|
369 |
|
404 |
|
773 |
|
| Less: Consolidated income tax
expense |
(173) |
|
(192) |
|
(171) |
|
(58) |
|
(594) |
|
(77) |
|
(95) |
|
(172) |
|
| Consolidated income
before taxes |
644 |
|
885 |
|
711 |
|
641 |
|
2,881 |
|
446 |
|
499 |
|
945 |
|
| Less: Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services Net Income |
78 |
|
94 |
|
86 |
|
113 |
|
371 |
|
118 |
|
91 |
|
209 |
|
|
Financial Services Income Taxes |
29 |
|
26 |
|
34 |
|
47 |
|
136 |
|
19 |
|
23 |
|
42 |
|
| Add back of the following
Industrial Activities items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense of Industrial Activities, net of Interest income
and eliminations |
4 |
|
22 |
|
10 |
|
40 |
|
76 |
|
32 |
|
46 |
|
78 |
|
|
Foreign exchange (gains) losses, net of Industrial Activities |
6 |
|
— |
|
21 |
|
78 |
|
105 |
|
— |
|
4 |
|
4 |
|
|
Finance and non-service component of Pension and other
post-employment benefit costs of Industrial Activities |
(1) |
|
(1) |
|
— |
|
6 |
|
4 |
|
1 |
|
1 |
|
2 |
|
| Adjustments for the following
Industrial Activities items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring expenses |
1 |
|
2 |
|
5 |
|
57 |
|
65 |
|
30 |
|
51 |
|
81 |
|
|
Other discrete items |
(7) |
|
17 |
|
— |
|
— |
|
10 |
|
— |
|
15 |
|
15 |
|
| Total Adjusted EBIT of
Industrial Activities |
$ |
540 |
|
$ |
805 |
|
$ |
627 |
|
$ |
662 |
|
$ |
2,634 |
|
$ |
372 |
|
$ |
502 |
|
$ |
874 |
|
Other Supplemental Financial
Information
(Unaudited)
The following table includes the reconciliation
of adjusted net income to net income, the most comparable U.S. GAAP
financial measure and a calculation of the revised adjusted diluted
EPS:
| ($ million,
except EPS) |
Q1 2023 |
|
Q2 2023 |
|
Q3 2023 |
|
Q4 2023 |
|
FY 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
H1 2024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) - as
reported |
$ |
486 |
|
$ |
710 |
|
$ |
570 |
|
$ |
617 |
|
$ |
2,383 |
|
$ |
402 |
|
$ |
438 |
|
$ |
840 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| Net income (loss) - as
revised |
471 |
|
693 |
|
540 |
|
583 |
|
2,287 |
|
369 |
|
404 |
|
773 |
|
| Adjustments impacting Income
(loss) before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates |
(12) |
|
13 |
|
(1) |
|
53 |
|
53 |
|
25 |
|
60 |
|
85 |
|
| Adjustments impacting Income
tax (expense) benefit |
1 |
|
(12) |
|
1 |
|
(113) |
|
(123) |
|
(6) |
|
(13) |
|
(19) |
|
| Adjusted net income
(loss) |
460 |
|
694 |
|
540 |
|
523 |
|
2,217 |
|
388 |
|
451 |
|
839 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted net income (loss)
attributable to CNH Industrial N.V. - as reported |
471 |
|
707 |
|
567 |
|
556 |
|
2,301 |
|
420 |
|
480 |
|
900 |
|
| Revision impacts |
(15) |
|
(17) |
|
(30) |
|
(34) |
|
(96) |
|
(33) |
|
(34) |
|
(67) |
|
| Adjusted net income (loss)
attributable to CNH Industrial N.V. - as revised |
$ |
456 |
|
$ |
690 |
|
$ |
537 |
|
$ |
522 |
|
$ |
2,205 |
|
$ |
387 |
|
$ |
446 |
|
$ |
833 |
|
| Weighted average shares
outstanding – diluted (million) |
1,359 |
|
1,355 |
|
1,351 |
|
1,334 |
|
1,350 |
|
1,274 |
|
1,260 |
|
1,267 |
|
| Adjusted diluted EPS
($) |
$ |
0.34 |
|
$ |
0.51 |
|
$ |
0.40 |
|
$ |
0.39 |
|
$ |
1.63 |
|
$ |
0.30 |
|
$ |
0.35 |
|
$ |
0.66 |
|
- 20250204_PR_CNH_Q4FY_2024_Results
CNH Industrial NV (NYSE:CNHI)
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From Jan 2025 to Feb 2025
CNH Industrial NV (NYSE:CNHI)
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From Feb 2024 to Feb 2025
