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FULL YEAR: CNH'S REVENUES, PROFITS EVEN WITH LAST YEAR
Source: CNH Industrial news release

To read the entire report click here.

CNH Industrial N.V. (NYSE:CNHI) today announced Group revenues of €25,778 million for 2013 (+4.3% on a constant currency basis).

Revenues from Agricultural and Construction Equipment were in line with the prior year at €16,006 million; on a constant currency basis, revenues increased by €759 million (+4.7%) as a result of the strong demand for agricultural equipment, partially offset by challenges faced by the construction equipment business.

Trucks and commercial vehicles revenues were €8,752 million (+1.5% on a constant currency basis) as a result of a recovery in demand in Europe, largely due to the Euro V pre-buy effect mainly in Q4 2013, and increased volumes in LATAM.

Powertrain revenues at €3,331 million (up 14.6% on a constant currency basis), were driven by higher volumes for both internal and external customers Group trading profit for the year was €1,985 million (trading margin of 7.7%), down €78 million largely as a result of negative exchange rates.

On a constant currency basis, trading profit was in line with 2012 as higher volumes and positive mix in the Agricultural and Construction Equipment Segment and higher revenues and better capacity utilization for Powertrain compensated for Euro VI transitional costs and a less favorable product mix and pricing environment in the Trucks and Commercial Vehicles Segment.

•Operating profit increased €22 million to €1,868 million in 2013 mainly as a result of reduced restructuring costs from the prior year.

•Net financial expense totaled €463 million for 2013, compared with €467 million for 2012.

•Income taxes totaled €590 million, representing an effective tax rate of 39% for the year, slightly above full year Group expectations mainly due to one time merger related impacts. For 2014, CNH Industrial Group expects an effective tax rate between 35% and 38%.

•Group net profit was €917 million for 2013 (€900 million for 2012), or €0.63 per share (€0.65 for 2012).

•Net industrial debt of €1,592 million at December 31, 2013 was €50 million lower than year-end 2012.

•Available liquidity of €6,318 million, inclusive of €1,613 million in undrawn committed facilities, slightly increased over December 31, 2012.


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