Consolidated revenue for fiscal year 2023 came in at $24.69 billion for CNH Industrial (CNHI), up 5% from $23.55 billion in fiscal 2022. The company forecasts fiscal 2024 sales will be down, with construction sales down about 10% compared to 2023.
Construction sales for the final quarter of 2023 were $1.07 billion, up 9% over Q4 2022 sales of $983 million. The company cited prices increases and positive volume and mix mainly in North America. Construction includes the Case Construction Equipment brand.
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Global volume for construction equipment fell in both heavy and light subsegments, down 12% and 2%, respectively. Demand fell 2% in North America.
“Two years ago, we established ambitious margin targets for our Agriculture and Construction segments, which we achieved earlier than planned,” said Scott W. Wine, CEO, in a statement. “With more challenging end markets in Q4, robust contributions from our cost0-reduction focus and disciplined commercial execution drove margin expansion, and we will remain aggressive on these fronts moving forward.”
About the Author
Rod Sutton
Sutton served as the editorial lead of Construction Equipment from 2001 through 2025.