CNH Industrial third-quarter sales were down 5 percent compared to the previous year, to $6.4 billion. Sales through the first nine months of the fiscal year are down 5.7 percent, to $19 billion.
Newly appointed CEO Hubertus Muhlhauser said in a prepared statement:
“These third-quarter results, achieved in a difficult market environment, underline the rationale behind our ‘Transform 2 Win’ Strategy which is establishing the foundation for our margin journey, as recently unveiled at our Capital Markets Day. This strategy will also enable our business to navigate current end-market volatility and prepare our Company to execute the planned spin-off of our On-Highway business—as previously announced—at the beginning of January 2021.”
Construction sales, which includes Case Construction Equipment, were down 9 percent for the quarter. The company attributed the drop to “lower production and sales volume in North America to rebalance channel inventory,” and to lower industry demand, “partially offset by positive price realization.”
Source: CNH Industrial