CNH Industrial beats by $0.03, beats on revs; Co announces $300 mln stock buyback
- Reports Q4 (Dec) earnings of €0.19 per share, excluding non-recurring items, €0.03 better than the Capital IQ Consensus of €0.16; revenues fell 14.6% year/year to €7.14 bln vs the €6.6 bln Capital IQ Consensus.
- The Board of Directors announces a buy-back of Company's common shares of up to $300 mln
- Operating profit of Industrial Activities was $563 mln for Q4, a $187 mln increase compared to the same period in 2014, with an operating margin of 8.2%, up 3.5 p.p. compared to Q4 2014
- Operating profit for the quarter increased in Agricultural Equipment and in Construction Equipment, driven by net price realization, structural cost reductions and favorable material costs
- Commercial Vehicles' operating profit improved due to favorable pricing in all regions and manufacturing efficiencies in EMEA
- Agricultural Equipment's net sales totaled $2,982 mln for Q4 2015, a decrease of 3.8% compared to the same period in 2014 on a constant currency basis (down 12.4% on a reported basis), due to lower industry volumes, partially offset by positive net pricing Net industrial debt of $1.6 bln at December 31, 2015 was $1.8 bln lower than at September 30, 2015 and $1.1 bln lower than at December 31, 2014
- Net industrial cash flow was a net inflow of $1.8 bln in the fourth quarter and $0.8 bln in the year, as a result of reductions in working capital. Available liquidity at December 31, 2015 was $9.3 bln, inclusive of $3.0 bln in undrawn committed facilities, compared to $8.9 bln at December 31, 2014