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Jul. 29, 2022 Source: CNH Industrial news release *Net sales of Industrial Activities of $5,613 million, up 17.5% mainly due to favorable price realization, offsetting almost 3% adverse currency conversion. *Adjusted EBIT of Industrial Activities of $654 million ($572 million in Q2 2021), with both segments up year over year. Agriculture adjusted EBIT margin at 14% and Construction at 3.8%. *Adjusted net income of $583 million, with adjusted diluted earnings per share of $0.43 (adjusted net income of $507 million in Q2 2021, with adjusted diluted earnings per share of $0.37). *Gross profit margin of Industrial Activities of 22.0%, (22.2% in Q2 2021) with improvement in Construction despite continued cost pressures. *Reported income tax expense of $228 million and adjusted income tax expense(1) of $185 million, with adjusted effective tax rate (adjusted ETR(1)) of 25.0%, *Free cash flow of Industrial Activities was $404 million. Manufacturing inventories remain high, amid supply chain constraints, while finished goods inventories are lean relative to sales. Total Debt of $20.8 billion at June 30, 2022 ($20.9 billion at December 31, 2021). *Industrial Activities Net Debt(1) position at $1.6 billion, an increase of $438 million from December 31, 2021. *Available liquidity at $8,795 million as of June 30, 2022. In April, CNH Industrial Capital LLC's 4.375% $500 million notes matured. In May, CNH Industrial Capital LLC issued a 3.950% $500 million notes due in 2025. In May, CNH Industrial paid €379 million (~$412 million) in dividends to shareholders. During the quarter, CNH Industrial received proceeds of $350 million for the sale of the Raven Engineered Films Division. *The Board of Directors approved a $300 million share buyback program to be launched at the completion of the existing $100 million program. To read the entire report click here. Tweet |
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