CNH Industrial consolidated revenues were $7.5 billion in its first quarter, up 37 percent from Q1 2020. Sales in its Industrial Activities, which includes construction equipment and Case Construction Equipment, were $7.0 billion, up 41 percent.
“Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team,” said CEO Scott Wine in a prepared statement. “We overcame unprecedented supply chain challenges, rising commodity costs and the persistent impact of COVID-19 to deliver solid revenue growth and margin expansion, also above Q1 2019 performance. With healthy momentum in our markets, agile and improving execution across our businesses, and an ambitious but achievable strategy in place, the CNH Industrial team is well-positioned for the rest of the year and beyond.”
Sales of construction equipment were $656 million for the quarter, up 56% over the $422 million reported in 1Q 2020. The company said global demand increased in both Heavy and Light sub-segments, with Heavy up 38 percent and Light up 24 percent. Demand increased 25 percent in North America.
Source: CNH Industrial