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.”
