CNH Industrial: 3Q23 Revenue Up 2% to $6 Billion

Nov 09, 2023

CNH Industrial today reported results for the 3 months ended Sept. 30, 2023 with net income of $570 million compared with net income of $559 million for the 3 months ended Sept. 30, 2022. Consolidated revenues were $5.99 billion (up approximately 2% compared to Q3 2022). Net cash provided by operating activities was $232 million and Industrial Free Cash Flow absorption was $127 million in Q3.

Net sales of Industrial Activities were $5.33 billion, a decrease of 1% when compared to the corresponding period from the previous year. This decline is mainly due to lower industry demand in Agriculture, especially in South America and in EMEA for combines. Pricing continued to be favorable for both Industrial segments, and Construction net sales grew by approximately 6%.

Gross profit margin of Industrial Activities was 23.9% (23% in Q3 2022) with improvement from the corresponding period from the previous year in both Agriculture and Construction, reflective of favorable price realization and of improving operating performance.

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Video: A Farm Song (Busy) | Parody of A Bar Song (Tipsy) by Shaboozey

Lyrics:

My days begin with workin’, Alarm’s at 5 o’clock,
I Fill 5 gallon buckets, The feeders and the troughs,
This five to nine ain’t workin’, why the heck do I work so hard?,
I can’t worry ‘bout health problems, I can sleep in when I’m gone,

One, here comes the two to the three to the four,
Tell em’ ‘buy another cow, we need plenty more’,
Blue jeans are gettin’ dirty, what else could I ask for,
Oh my, more chores

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
There’s another flock of sheep that still needs feed,
Everybody on the farm gettin’ busy,

Everybody on the farm gettin’ busy,
Everybody on the farm gettin’ busy,

I’ve been working pretty stressed but,
I ain’t changing for some cash,
Lord knows that I’m very blessed (More chores),
But I gotta say it’s hard,
Workin’ outside gettin’ charred,
Living out here on the farm, (more chores)

One, here comes the two to the three to the four,
Tell em’ ‘buy another cow, we need plenty more’,
Blue jeans are gettin’ dirty, what else could I ask for,
Oh my, more chores

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history
There’s another 20 chickens that still need feed,
Everybody on the farm gettin’ busy,

Everybody on the farm getting’ busy,
Everybody on the farm gettin’ busy,

Fun, here on ranch that’s what you can’t ignore,
Might be pretty hard but I love it to its core,
Flannel’s gettin’ dirty, what else could I ask for,
Oh my, more chores (Tell ‘em sing with me)

Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
There’s another flock of sheep that still needs feed,
Everybody on the farm gettin’ busy,
Someone pour me up another shot of sweet tea,
They know me and working hard’s got a history,
Watching cattle in the dark, don’t miss me,
Everybody on the farm gettin’ busy,
(Yeeeeeehaw)
Everybody on the farm gettin’ busy,
Everybody on the farm gettin’ busy,
It’s the best bro, go get yourself a farm