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

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.