Sales of its construction equipment grew 19 percent in the second quarter, according to CNH Industrial, to $1.06 billion compared to $891 million in the same period in 2022. Sales includes Case Construction Equipment.
Global industry volume for construction equipment was down 9 percent year over year in the second quarter for heavy construction equipment; light construction equipment was flat year over year.
Aggregated demand increased 8 percent in North America, was flat in EMEA, decreased 16 percent in South America, and decreased 13 percent for Asia Pacific.
The company cited “favorable price realization” and positive volume/mix mainly in North America partially offset by lower net sales from South America. Gross profit margin was 16.0 percent, up 2.2 percentage points compared to Q2 2022, mainly due to higher volume and favorable price realization partially offset by higher raw material costs and manufacturing costs.
“The CNH Industrial team delivered great results in Q2 as we capitalized on favorable market fundamentals and solid operational execution,” said Scott W. Wine, CEO, in a statement. “Our agriculture segment set margin records, and for the first quarter in our history, construction net sales surpassed $1 billion.”
Total sales for the company were $6.57 billion, up 8 percent compared to Q2 2022.
Source: CNH Industrial
