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CNH Q1 2024 Ag Sales Decline 14%

  • First quarter consolidated revenue declined 10% on lower industry demand
  • First quarter diluted EPS at $0.31; adjusted diluted EPS at $0.33 ($0.35 in the first quarter of 2023)
  • First quarter Agriculture segment adjusted EBIT margin down 200 bps year-over-year to 12.5%; Construction up 150 bps to 6.7%
  • Cost reduction programs on track, helping to mitigate impact of slowing markets
  • Full-year guidance updated to reflect lower agriculture industry projections

Basildon, UK — CNH Industrial N.V. (NYSE: CNHI) today reported results for the three months ended March 31, 2024, with net income of $402 million and diluted earnings per share of $0.31 compared with net income of $486 million and diluted earnings per share of $0.35 for the three months ended March 31, 2023. Consolidated revenues were $4.82 billion (down approximately 10% compared to Q1 2023) and Net sales of Industrial Activities were $4.13 billion (down approximately 14% compared to Q1 2023). Net cash used in operating activities was $894 million and Industrial Free Cash Flow absorption was $1,209 million in Q1.

“The CNH team navigated a declining market environment in the first quarter, as lower industry demand persisted especially in South America and Europe. Anticipating these headwinds, we are continuing to improve what we can control – production efficiency, disciplined commercial execution, judicious SG&A reductions, and thoughtful product and technology investments. As always, the team is meeting challenges head-on and working diligently to deliver solutions for our customers. I would like to thank our employees and dealers for their unwavering support of the world’s farmers and builders.” — Scott W. Wine, Chief Executive Officer  

Net sales of Industrial Activities were $4.13 billion, a decrease of 14% when compared to the corresponding period from the previous year. This decline is mainly due to lower industry demand and dealer inventory management. Price realization continued to be favorable for Agriculture and essentially flat for Construction.

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Canada's Agriculture Day 2025

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