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National & World Ag News Headlines |
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CNH Industrial Reports 1Q Revenues
USAgNet - 05/06/2021
CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with
strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.
In North America, tractor demand was up 53% for tractors under 140 HP, and up 15% for tractors over 140 HP; combines were up 17%. In Europe, tractor and combine demand were up 20% and 14%, respectively.
Significant increase in demand for tractors and combines was also noted in Rest of World.
Net sales were up 35%, mainly due to higher industry demand, better mix, favorable price realization and reduced destocking actions.
Adjusted EBIT was $399 million, with Adjusted EBIT margin at 13.1%.
The $375 million increase was driven by higher volumes, favorable mix, positive price realization and improved income from non-consolidated joint ventures. Higher raw material and freight costs partially offset favorable product cost and quality performances.
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