CNH Industrial Revenues Up 24%

CNH Industrial revenues in its third quarter were $5.9 billion, up 24 percent over the same period a year ago. Construction sales, which includes the Case brand, were $895 million, up 16 percent over Q3 2021 revenues of $773 million. Margins in the construction segment remained steady at 2.2 percent.

Net income for the quarter was $559 million, compared to $460 million in Q3 2021.

According to CEO Scott W. Wine, the record revenues were a result of “a mixture of favorable volume, price realization, outstanding operational execution and supportive product mix.”

“While our solid results reflect some sequential improvement in the global supply chain, significant challenges persist, and inflation continues to run hot,” Wine said in a statement. “Free Cash Flow of Industrial Activities was positive for the quarter, and we continue to target over $1 billion for the full year as we accelerate completion and shipment of inventory in Q4. Order books remain robust as soft commodity prices continue to support global agriculture and many construction end markets sustain their strength.

“With this solid foundation and improving execution we have elevated our full year guidance,” he said.

Source: CNH Industrial