CNH Industrial beats by $0.04, beats on revs; guides FY24 EPS in-line; authorizes an additional $500 mln for repurchases (11.82)
- Reports Q4 (Dec) earnings of $0.46 per share, excluding non-recurring items, $0.04 better than the FactSet Consensus of $0.42; revenues fell 2.6% year/year to $6.79 bln vs the $6.5 bln FactSet Consensus.
- Co issues in-line guidance for FY24, sees EPS of $1.50-1.60, excluding non-recurring items, vs. $1.53 FactSet Consensus.
- Co estimates that agriculture industry retail sales will be down 10-15% and construction equipment industry retail sales will be down around 10% when compared to 2023.
- Co also provided the following 2024 outlook:
- Agriculture segment net sales down between 8% and 12% year-over-year including currency translation effects.
- Construction segment net sales down between 7% and 11% year-over-year including currency translation effects.
- Co approved an additional $500 mln repurchase program to commence after completing the existing $1.0 bln program.