CNH Industrial reported $23.6 billion in revenue for 2022, up 20.8 percent over 2021 sales of $19.5 billion. Sales of construction equipment, including the Case brand, were up 15 percent to $3.6 billion in 2022 compared to $3.1 billion in 2021.
“The CNH Industrial team delivered a strong fourth quarter contributing to record full year revenue and income,” said CEO Scott W. Wine in a statement. “We are pleased to have resolved the UAW strike and are eager to continue delivering increased value to our dealers and customers.
“We see continuing strength in most end markets, and with better performing supply chains and moderating inflation we are confident we will build on our robust foundation.”
CNHI retains single listing on NYSE
The company also announced it would have a single stock listing on the New York Stock Exchange, delisting from Euronext Milan. The company intends to achieve single listing by early 2024. Although the intent is a plain delisting from Milan, alternatives involving a corporate reorganization are available to achieve the same goal, according to the company.
CNHI fourth quarter results
CNHI also reported financials for its fourth quarter, with global volume for construction equipment down in both heavy and light subsegments year over year, both down 2 percent. Aggregated demand decreased 6 percent in North America.
Construction net sales were up 17 percent in the fourth quarter, driven by positive sales volume, favorable price realization, and contribution from the Sampierana business, partially offset by negative impact of foreign exchange rates.
Gross profit margin was 13.3 percent in the fourth quarter, up 1.0 point compared to Q4 2021, mainly due to favorable price realization and higher volumes in North America, South America, and Europe, contributions from the Sampierana business, partially offset by higher raw material costs.
Fourth-quarter construction order book was down 19 percent year over year in the heavy subsegment and down 10 percent in the light subsegment. Dealer inventories remain low compared to past performance.
Source: CNH Industrial
About the Author
Rod Sutton
Sutton has served as the editorial lead of Construction Equipment magazine and ConstructionEquipment.com since 2001.
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