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CNH Industrial reports EPS in-line, beats on revs; Co confirms its 2016 guidance
- Reports Q2 (Jun) earnings of €0.10 per share, in-line with the Capital IQ Consensus of €0.10; revenues fell 2.9% year/year to €6.75 bln vs the €5.86 bln Capital IQ Consensus.
- Industrial Activities operating profit and margin increased year-over-year, led by improvements in Agricultural Equipment, Commercial Vehicles, and Powertrain segments: Agricultural Equipment profitable in all regions, with best-in-class operating margin at 10.7% Commercial Vehicles solidly profitable, with 3.9% operating margin
- Agricultural Equipment's net sales decreased 7.5% for the second quarter 2016 compared to the same period in 2015 (down 6.3% on a constant currency basis), as a result of lower industry volume, unfavorable product mix in the row crop sector in NAFTA and unfavorable industry volume in the small grain sector in EMEA
- Construction Equipment's net sales decreased 19.6% for the second quarter 2016 compared to the same period in 2015 (down 18.4% on a constant currency basis), due to negative industry volumes primarily in the heavy product class in all regions.
CNH Industrial is confirming its 2016 guidance as follows:
- Net sales of Industrial Activities between $23 bln and $24 bln, with an operating margin of Industrial Activities between 5.2% and 5.8%
- Net industrial debt at the end of 2016 between $1.5 bln and $1.8 bln excluding the European Commission settlement (~$500 mln).
