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1ST QUARTER: CNH INDUSTRIAL'S REVENUES UP 37%, RETURNS TO PROFITABILITY
Source: CNH Industrial news release

CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.

Agriculture

In North America, tractor demand was up 53% for tractors under 140 HP, and up 15% for tractors over 140 HP; combines were up 17%.

In Europe, tractor and combine demand were up 20% and 14%, respectively.

South America tractor demand was up 31% and combine demand was up 28%.

Significant increase in demand for tractors and combines was also noted in Rest of World.

Net sales were up 35%, mainly due to higher industry demand, better mix, favorable price realization and reduced destocking actions.

Adjusted EBIT was $399 million, with Adjusted EBIT margin at 13.1%.

The $375 million increase was driven by higher volumes, favorable mix, positive price realization and improved income from non-consolidated joint ventures. Higher raw material and freight costs partially offset favorable product cost and quality performances.


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