HONG KONG, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) ("we," the "Company" or "Nano Labs"), a leading Web 3.0 infrastructure and product solution provider in China, today announced receipt of approval from the Kyrgyz Republic to proceed with its proposal (the "Proposal") to issue a stablecoin pegged to the offshore Chinese Yuan (CNH) within the country. According to an official letter from both the National Investment Agency under the President of the Kyrgyz Republic and the National Counc ...

Core Insights - CNH Industrial reported revenue of $4.71 billion for the quarter ended June 2025, a decrease of 14.2% year-over-year, with EPS at $0.17 compared to $0.38 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $4.53 billion by 4.11%, and the EPS also surpassed the consensus estimate of $0.16 by 6.25% [1] Revenue Breakdown - Net Sales were reported at $4.02 billion, exceeding the average estimate of $3.87 billion by analysts, but reflecting a year-over-year decline of 16.3% [4] - Total Industrial Activities in Agriculture generated $3.25 billion, surpassing the $2.97 billion estimate, but down 17% year-over-year [4] - Total Industrial Activities in Construction reported $773 million, slightly below the $783.84 million estimate, marking a 13.2% decrease year-over-year [4] - Finance, interest, and other income reached $690 million, exceeding the $661.32 million estimate, with a year-over-year increase of 0.7% [4] - Financial Services revenue was $685 million, slightly above the $659.73 million estimate, but down 0.3% year-over-year [4] - Total Industrial Activities revenue was $4.06 billion, exceeding the $3.87 billion estimate, but down 16% year-over-year [4] - Eliminations reported a revenue of $-34 million, compared to the $0.47 million estimate, reflecting a year-over-year change of 9.7% [4] Adjusted EBIT Performance - Adjusted EBIT for Industrial Activities in Agriculture was $263 million, surpassing the average estimate of $219.6 million [4] - Adjusted EBIT for Industrial Activities in Construction was $35 million, exceeding the average estimate of $26.18 million [4] - Adjusted EBIT for Unallocated items, eliminations, and other was reported at $-74 million, compared to the average estimate of $-60.92 million [4] - Total Industrial Activities Adjusted EBIT was $224 million, above the average estimate of $197.61 million [4] Stock Performance - CNH shares have returned -5.3% over the past month, contrasting with the Zacks S&P 500 composite's +2.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 were down 14% year over year at $4.7 billion, with adjusted EBIT down 55% to $224 million and EPS at 17% [13][14] - Adjusted net income decreased by about half, with adjusted diluted earnings per share down from $0.35 to $0.17 [18] - Second quarter gross margin was 21.8%, down from 24.4% in Q2 2024, affected by lower production volumes and unfavorable geographic mix [19] Business Line Data and Key Metrics Changes - Agriculture segment sales were down 17% to $3.2 billion, with North America down 36%, representing over 90% of the total decline in ag sales [18][19] - Construction segment net sales were $773 million, down 13% year over year, with gross margin at 15.7%, down from 16.5% in Q2 2024 [22] - Financial Services reported net income of $87 million, with a year-over-year decrease mainly driven by higher risk costs in Brazil [23] Market Data and Key Metrics Changes - Industrial production hours were down 12% year over year, with agriculture down 12% and construction down 15% [8] - North American industry retail demand was down 37% for high horsepower tractors and down 23% for combines [14] - The global industry forecast for agriculture is expected to be down around 10% from 2024, with 2025 representing a trough level of global market demand [32] Company Strategy and Development Direction - The company is focused on reducing channel inventories and aligning production with retail demand, aiming to achieve target levels of newly built machine inventory by year-end [9][32] - Five key strategic pillars were outlined: expanding product leadership, advancing Iron and Tech integration, driving commercial excellence, operational excellence, and quality as a mindset [14] - A new collaboration with Starlink was announced to provide connectivity for farmers, enhancing productivity [11][16] Management's Comments on Operating Environment and Future Outlook - The management noted ongoing complexity and uncertainty in the macroeconomic environment, making forecasting challenging [6][7] - The company expects to produce in line with retail demand in the second half of 2025 and into 2026, while remaining cautious about tariff impacts [10][36] - Management expressed confidence in the long-term strategy and operational improvements, despite current market headwinds [12][13] Other Important Information - The company reaffirmed its capital allocation priorities, focusing on reinvestment while maintaining a healthy balance sheet [24][25] - Free cash flow from industrial activities was $451 million, significantly better compared to 2024 due to improvements in working capital [18] Q&A Session Summary Question: Inventory levels in Agriculture - Management confirmed a reduction of $200 million in excess inventory, with a focus on clearing aged inventories and supporting dealer sales [40][42] Question: 2026 order trends - Management indicated that 2025 is expected to be a trough year, with uncertainty around tariffs impacting 2026 demand forecasts [46][48] Question: Pricing strategies - Management stated that pricing will be positive for the full year, driven by higher value functionality and cost discipline [58][60] Question: North American market challenges - Management acknowledged the pricing differential between new and used equipment and emphasized efforts to align inventory levels [96][100] Question: Timing of tariff impacts - Management expects most tariff impacts to be felt in Q4, with ongoing efforts to mitigate costs through pricing and operational efficiencies [104][106]

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 2025 were down 14% year-over-year at $4.7 billion, with adjusted EBIT down 55% to $224 million and EPS at 17% [12][13] - Adjusted net income decreased by about half, with adjusted diluted earnings per share down from $0.35 to $0.17 [16][17] - Second quarter gross margin was 21.8%, down from 24.4% in Q2 2024, affected by lower production volumes and unfavorable geographic mix [18] Business Line Data and Key Metrics Changes - Agriculture segment sales were down 17% to $3.2 billion, with North America down 36%, representing over 90% of the total decline in ag sales [12][17] - Construction segment net sales were $773 million, down 13% year-over-year, with gross margin at 15.7%, down from 16.5% in Q2 2024 [21] - Financial Services reported net income of $87 million, with a year-over-year decrease mainly driven by higher risk costs in Brazil [22] Market Data and Key Metrics Changes - Industrial production hours were down 12% year-over-year, with agriculture down 12% and construction down 15% [7] - North American industry retail demand was down 37% for high horsepower tractors and down 23% for combines [13] - The global industry forecast for agriculture is expected to be down around 10% from 2024, with 2025 representing a trough level of global market demand [31] Company Strategy and Development Direction - The company is focused on reducing channel inventories while defending market share, with a target to align production with retail demand by the end of 2025 [5][8] - Five key strategic pillars were outlined: expanding product leadership, advancing Iron and Tech integration, driving commercial excellence, operational excellence, and quality as a mindset [13] - A new collaboration with Starlink was announced to provide connectivity for farmers, enhancing productivity [10][14] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions remained soft, with ongoing complexity and uncertainty in the macroeconomic environment [5][6] - The company expects to produce in line with retail demand in the second half of 2025 and into 2026, while maintaining a disciplined approach to capital allocation [12][35] - Management expressed confidence in achieving targeted dealer inventory levels and emphasized the importance of operational excellence and cost-saving initiatives [8][38] Other Important Information - The company reaffirmed its capital allocation priorities, including reinvesting in the business while maintaining a healthy balance sheet [22][23] - The foreign exchange impact on net sales is now forecasted to be minus 1%, an improvement from the previous assumption of minus 3% [24] - Tariff impacts are expected to grow through the second half of the year, with a significant negative effect on EBIT anticipated [105] Q&A Session Summary Question: Inventory levels in Agriculture - Management confirmed a reduction of $200 million in excess inventory, with ongoing efforts to align inventory levels with retail demand [40][41] Question: 2026 order trends - Management indicated that 2025 is expected to be a trough year, with uncertainty around tariffs impacting future demand [46][48] Question: Pricing strategies - Management stated that pricing will be positive for the full year, driven by higher value functionality and cost discipline [58][60] Question: North American market challenges - Management acknowledged the price differential between new and used equipment and emphasized efforts to align inventory levels [96][100] Question: Tariff impacts timing - Management expects most tariff impacts to be felt in Q4 2025, with ongoing efforts to mitigate these costs [104][106]

Financial Performance - Consolidated revenues decreased by 14% year-over-year to $4.7 billion[10] - Net sales for Industrial Activities decreased by 16% year-over-year to $4.0 billion[10] - Adjusted EBIT for Industrial Activities decreased by 55% year-over-year to $224 million[10] - Net income decreased by 46% year-over-year to $217 million[10] - Adjusted diluted EPS decreased by $0.18 year-over-year to $0.17[10] Segment Performance - Agriculture net sales decreased by 17% year-over-year to $3.248 billion, with adjusted EBIT decreasing to $263 million[21] - Construction net sales decreased by 13% year-over-year to $773 million, with adjusted EBIT decreasing to $35 million[24] - Financial Services retail originations decreased by $0.2 billion year-over-year to $2.7 billion, while the managed portfolio increased by $0.2 billion year-over-year to $28.7 billion[27] Outlook - The company reaffirmed its 2025 outlook for Industrial Activities, including net sales decreasing by 11% year-over-year from $17.1 billion, adjusted EBIT margin between 4.5% and 6.5%, and free cash flow between $0.1 billion and $0.5 billion[38] - The company also reaffirmed its 2025 outlook for adjusted diluted EPS between $0.50 and $0.70[38] Other Highlights - Production hours decreased by 12% year-over-year to reduce dealer inventory[8] - The company announced a collaboration with Starlink to expand connectivity for CNH customers[8]

Group 1: Earnings Performance - CNH Industrial reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.16 per share, but down from $0.38 per share a year ago, representing an earnings surprise of +6.25% [1] - The company posted revenues of $4.71 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 4.11%, compared to $5.49 billion in the same quarter last year [2] - Over the last four quarters, CNH has surpassed consensus EPS estimates two times and topped consensus revenue estimates twice [2] Group 2: Stock Performance and Outlook - CNH shares have increased approximately 14.4% since the beginning of the year, outperforming the S&P 500's gain of 7.8% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.17 on revenues of $4.22 billion, and for the current fiscal year, it is $0.63 on revenues of $17.23 billion [7] Group 3: Industry Context - The Manufacturing - Farm Equipment industry, to which CNH belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of CNH's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) CNH Industrial N.V. navigated challenging Q2 2025 market conditions with effective operations, despite significant declines in consolidated revenue and net income, while achieving substantial industrial free cash flow growth [CEO Statement](index=1&type=section&id=CEO%20Statement) The CEO affirmed effective operations and strategic focus despite challenging market conditions, emphasizing product excellence and partner support - The company operated effectively and met targets despite challenging market conditions[1](index=1&type=chunk) - Strategic priorities include advancing operational improvements and investments to deliver superior products and technology[1](index=1&type=chunk) - Appreciation for supplier and dealer support in navigating uncertain trade environments and achieving long-term success[1](index=1&type=chunk) [Q2 2025 Consolidated Financial Highlights](index=1&type=section&id=Q2%202025%20Consolidated%20Financial%20Highlights) Consolidated revenue and industrial net sales declined significantly in Q2 2025 due to lower demand, but industrial free cash flow improved substantially Q2 2025 Consolidated Financial Data (US-GAAP) | Indicator | Q2 2025 ($ million) | Q2 2024 ($ million) | Change ($ million) | Change Rate | | :--------------------------------- | :------------- | :------------- | :----- | :------- | | Consolidated Revenue | 4,711 | 5,488 | (777) | (14)% | | Industrial Net Sales | 4,021 | 4,803 | (782) | (16)% | | Net Income | 217 | 404 | (187) | (46)% | | Diluted EPS | 0.17 | 0.32 | (0.15) | - | | Cash Flow from Operating Activities | 772 | 379 | +393 | +103.7% | | Industrial Free Cash Flow | 451 | 140 | +311 | +222.1% | - Consolidated revenue decreased by **14% to $4.711 billion**, and industrial net sales decreased by **16% to $4.021 billion**, primarily due to lower industry demand and dealer destocking[1](index=1&type=chunk)[4](index=4&type=chunk) - Net income and diluted EPS decreased by **46% and $0.15** to **$217 million and $0.17**, respectively[1](index=1&type=chunk)[4](index=4&type=chunk) [Q2 2025 Non-GAAP Financial Highlights](index=1&type=section&id=Q2%202025%20Non-GAAP%20Financial%20Highlights) Non-GAAP metrics for Q2 2025 revealed substantial declines in industrial adjusted EBIT and net income, yet industrial free cash flow saw significant year-over-year improvement Q2 2025 Non-GAAP Financial Data | Indicator | Q2 2025 ($ million) | Q2 2024 ($ million) | Change ($ million) | Change Rate | | :--------------------------------- | :------------- | :------------- | :----- | :------- | | Industrial Adjusted EBIT | 224 | 502 | (278) | (55)% | | Industrial Adjusted EBIT Margin | 5.6% | 10.5% | (490) bps | - | | Adjusted Net Income | 216 | 451 | (235) | (52)% | | Adjusted Diluted EPS | 0.17 | 0.35 | (0.18) | - | | Industrial Free Cash Flow | 451 | 140 | +311 | +222.1% | - Industrial gross margin decreased by **230 basis points to 20.6%**[4](index=4&type=chunk) - Adjusted effective tax rate (ETR) increased from **21.0% in Q2 2024 to 27.7%**[5](index=5&type=chunk) [Segment Performance - Q2 2025](index=3&type=section&id=Segment%20Performance%20-%20Q2%202025) Q2 2025 saw significant declines in net sales and adjusted EBIT for Agriculture and Construction due to weak demand, while Financial Services experienced slight revenue and net income decreases [Agriculture Segment](index=3&type=section&id=Agriculture%20Segment) The Agriculture segment experienced substantial declines in net sales and adjusted EBIT in Q2 2025, driven by weak demand and dealer destocking Q2 2025 Agriculture Segment Financial Data | Indicator | Q2 2025 ($ million) | Q2 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Net Sales | 3,248 | 3,913 | (665) | (17)% | | Gross Margin | 21.8% | 24.4% | (260) bps | - | | Adjusted EBIT | 263 | 502 | (239) | (48)% | | Adjusted EBIT Margin | 8.1% | 12.8% | (470) bps | - | - North American sales of tractors under **140 HP decreased by 7%**, tractors over **140 HP decreased by 37%**, and combine harvesters decreased by **23%**[7](index=7&type=chunk) - R&D investment as a percentage of sales was **6.0%**, up from **5.5% in Q2 2024**[8](index=8&type=chunk) [Construction Segment](index=3&type=section&id=Construction%20Segment) Construction segment net sales and adjusted EBIT declined in Q2 2025, mainly due to lower volumes in North America, despite slight global heavy equipment sales growth Q2 2025 Construction Segment Financial Data | Indicator | Q2 2025 ($ million) | Q2 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Net Sales | 773 | 890 | (117) | (13)% | | Gross Margin | 15.7% | 16.5% | (80) bps | - | | Adjusted EBIT | 35 | 60 | (25) | (42)% | | Adjusted EBIT Margin | 4.5% | 6.7% | (220) bps | - | - Global heavy construction equipment industry sales increased by **3% year-over-year**, while light construction equipment decreased by **2%**[9](index=9&type=chunk) - Total demand in North and South America decreased by **4%**, while EMEA and APAC grew by **1% and 3%**, respectively[9](index=9&type=chunk) [Financial Services Segment](index=3&type=section&id=Financial%20Services%20Segment) Financial Services revenue and net income slightly decreased in Q2 2025, impacted by currency, lower yields, and higher risk costs, partially offset by remarketing sales and improved interest margins Q2 2025 Financial Services Segment Financial Data | Indicator | Q2 2025 ($ million) | Q2 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Revenue | 685 | 687 | (2) | (0.3)% | | Net Income | 87 | 91 | (4) | (4)% | | Equity at Quarter-End | 2,907 | 2,843 | +64 | +2.2% | | Retail Loan Originations | 2,740 | 2,864 | (124) | (4.3)% | - Managed portfolio (including unconsolidated joint ventures) was **$28.7 billion**, an increase of **$0.2 billion year-over-year**[13](index=13&type=chunk) - Receivables past due over **30 days increased from 2.5% in Q2 2024 to 3.9%** of total receivables, primarily due to higher delinquencies in Brazil[13](index=13&type=chunk) [2025 Outlook](index=4&type=section&id=2025%20Outlook) CNH Industrial N.V. anticipates lower 2025 retail sales in agriculture and construction, planning production cuts and cost reductions to mitigate margin erosion, while reaffirming full-year guidance [Market Conditions & Company Strategy](index=4&type=section&id=Market%20Conditions%20%26%20Company%20Strategy) The company expects lower 2025 retail sales in agriculture and construction, planning production cuts to reduce inventory and implementing cost-saving measures to mitigate margin erosion - Global retail sales for agriculture and construction equipment markets are expected to be **lower in 2025 than in 2024**[14](index=14&type=chunk) - The company will reduce production volumes to decrease excess channel inventory, resulting in **lower net sales in 2025**[14](index=14&type=chunk) - Operating costs are being reduced through lean manufacturing, strategic sourcing, and prudent management of SG&A and R&D expenses to partially mitigate margin erosion[15](index=15&type=chunk) - The company is navigating an evolving global trade environment, with uncertainties in U.S. trade policy potentially impacting full-year forecasts[16](index=16&type=chunk) [Reaffirmed Full-Year Guidance](index=4&type=section&id=Reaffirmed%20Full-Year%20Guidance) Full-year 2025 guidance was reaffirmed, anticipating decreased net sales and adjusted EBIT margins for agriculture and construction, but stable industrial free cash flow and adjusted diluted EPS Full-Year 2025 Guidance | Indicator | Full-Year 2025 Guidance | | :--------------------------------- | :------------- | | Agriculture Net Sales | Down 12% to 20% year-over-year | | Agriculture Adjusted EBIT Margin | 7% to 9% | | Construction Net Sales | Down 4% to 15% year-over-year | | Construction Adjusted EBIT Margin | 2% to 4% | | Industrial Free Cash Flow | $100 million to $500 million | | Adjusted Diluted EPS | $0.50 to $0.70 | [Six Months Ended June 30, 2025 Results (YTD Q2 2025)](index=5&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Results%20(YTD%20Q2%202025)) H1 2025 saw double-digit declines in consolidated revenue, industrial net sales, net income, and adjusted EBIT, but operating and industrial free cash flows significantly improved [YTD Q2 2025 Consolidated Financial Highlights](index=5&type=section&id=YTD%20Q2%202025%20Consolidated%20Financial%20Highlights) H1 2025 saw double-digit declines in consolidated revenue, industrial net sales, net income, and adjusted EBIT, but operating and industrial free cash flows significantly improved YTD Q2 2025 Consolidated Financial Data (US-GAAP) | Indicator | H1 2025 ($ million) | H1 2024 ($ million) | Change ($ million) | Change Rate | | :--------------------------------- | :------------- | :------------- | :----- | :------- | | Consolidated Revenue | 8,539 | 10,306 | (1,767) | (17)% | | Industrial Net Sales | 7,193 | 8,934 | (1,741) | (19)% | | Net Income | 349 | 773 | (424) | (55)% | | Diluted EPS | 0.27 | 0.61 | (0.34) | - | | Cash Flow from Operating Activities | 934 | (515) | +1,449 | +281.4% | | Industrial Free Cash Flow | (116) | (1,069) | +953 | +89.1% | - Industrial gross margin decreased by **290 basis points to 19.9%**[19](index=19&type=chunk) - Industrial adjusted EBIT decreased by **63% to $325 million**, with adjusted EBIT margin down **530 basis points to 4.5%**[19](index=19&type=chunk) [YTD Q2 2025 Segment Performance](index=5&type=section&id=YTD%20Q2%202025%20Segment%20Performance) In H1 2025, both Agriculture and Construction segments experienced significant declines in net sales and adjusted EBIT due to persistent weak market demand, while the Financial Services segment also saw slight revenue and net income decreases [YTD Q2 2025 Agriculture Segment](index=5&type=section&id=YTD%20Q2%202025%20Agriculture%20Segment) H1 2025 Agriculture segment net sales decreased by **20%**, adjusted EBIT by **55%**, and adjusted EBIT margin by **530 basis points** YTD Q2 2025 Agriculture Segment Financial Data | Indicator | H1 2025 ($ million) | H1 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Net Sales | 5,829 | 7,286 | (1,457) | (20)% | | Gross Margin | 21.0% | 24.1% | (310) bps | - | | Adjusted EBIT | 402 | 890 | (488) | (55)% | | Adjusted EBIT Margin | 6.9% | 12.2% | (530) bps | - | [YTD Q2 2025 Construction Segment](index=5&type=section&id=YTD%20Q2%202025%20Construction%20Segment) H1 2025 Construction segment net sales decreased by **17%**, adjusted EBIT by **56%**, and adjusted EBIT margin by **310 basis points** YTD Q2 2025 Construction Segment Financial Data | Indicator | H1 2025 ($ million) | H1 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Net Sales | 1,364 | 1,648 | (284) | (17)% | | Gross Margin | 15.3% | 16.9% | (160) bps | - | | Adjusted EBIT | 49 | 111 | (62) | (56)% | | Adjusted EBIT Margin | 3.6% | 6.7% | (310) bps | - | [YTD Q2 2025 Financial Services Segment](index=5&type=section&id=YTD%20Q2%202025%20Financial%20Services%20Segment) H1 2025 Financial Services segment revenue decreased by **3%** to **$1.336 billion**, and net income declined by **15%** to **$177 million** YTD Q2 2025 Financial Services Segment Financial Data | Indicator | H1 2025 ($ million) | H1 2024 ($ million) | Change ($ million) | Change Rate | | :------------------- | :------------- | :------------- | :----- | :------- | | Revenue | 1,336 | 1,372 | (36) | (3)% | | Net Income | 177 | 209 | (32) | (15)% | [Notes & Disclosures](index=6&type=section&id=Notes%20%26%20Disclosures) This section details non-GAAP financial information, outlines forward-looking statements and associated risks, and provides essential contact details for media and investor relations [Non-GAAP Financial Information](index=6&type=section&id=Non-GAAP%20Financial%20Information) Non-GAAP financial measures are used to monitor operations, provide useful insights, and enhance financial performance assessment, with detailed definitions provided - Non-GAAP financial measures are used to identify operating trends, make future spending and resource allocation decisions, and provide additional transparency into core operations[21](index=21&type=chunk) - Non-GAAP financial measures do not have standardized meanings under U.S. GAAP and may not be comparable to similarly titled measures used by other companies[21](index=21&type=chunk) - Prior period financial statements have been revised to reflect non-material corrections for highly inflationary accounting treatment of unconsolidated affiliates in Turkey, leading to an overstatement of equity in earnings of unconsolidated subsidiaries and affiliates in 2023 and H1 2024[22](index=22&type=chunk) [Forward-looking Statements](index=7&type=section&id=Forward-looking%20Statements) This report includes forward-looking statements based on current views and assumptions, subject to known and unknown risks, uncertainties, and other factors - Forward-looking statements are not guarantees of future performance but are based on current views and assumptions, involving known and unknown risks and uncertainties[25](index=25&type=chunk) - Factors that could cause actual results to differ materially include economic conditions, production and supply chain disruptions, government policies, international trade policies, competitor actions, new technology developments, labor relations, and interest and currency rate fluctuations[26](index=26&type=chunk)[28](index=28&type=chunk) - The company expressly disclaims any intention or obligation to update or revise any forward-looking statements[29](index=29&type=chunk) [Contacts](index=8&type=section&id=Contacts) Contact information for media and investor relations, including names, phone numbers, and email addresses, is provided - Media inquiries: Laura Overall (**+44 207 925 1964**) or Rebecca Fabian (**+1 312 515 2249**), email: mediarelations@cnh.com[32](index=32&type=chunk) - Investor Relations: Jason Omerza (**+1 630 740 8079**) or Federico Pavesi (**+39 345 605 6218**), email: investor.relations@cnh.com[32](index=32&type=chunk) [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q2 and H1 2025 reveal declines in revenue and net income, changes in asset and liability composition, and significant improvements in operating cash flow [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated statements of operations reveal year-over-year declines in total revenue and net income for Q2 and H1 2025, with reduced costs and R&D, but high interest expenses Consolidated Statements of Operations Summary | Indicator ($ million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | | Total Revenues | 4,711 | 5,488 | 8,539 | 10,306 | | Cost of Sales | 3,192 | 3,702 | 5,761 | 6,897 | | Selling, General and Administrative Expenses | 478 | 461 | 864 | 872 | | Research and Development Expenses | 218 | 237 | 402 | 465 | | Restructuring Expenses | 5 | 51 | 11 | 82 | | Interest Expense | 360 | 418 | 722 | 812 | | Net Income | 217 | 404 | 349 | 773 | | Diluted EPS | 0.17 | 0.32 | 0.27 | 0.61 | - In Q2 2025, total revenues decreased by **14.1% year-over-year**, and net income decreased by **46.3% year-over-year**[33](index=33&type=chunk) - In H1 2025, total revenues decreased by **17.1% year-over-year**, and net income decreased by **54.9% year-over-year**[33](index=33&type=chunk) [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly increased as of June 30, 2025, primarily due to higher finance receivables and inventories, with corresponding increases in liabilities and equity Consolidated Balance Sheets Summary | Indicator ($ million) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :------------- | | Cash and Cash Equivalents | 2,512 | 3,191 | | Finance Receivables, Net | 23,387 | 23,085 | | Inventories, Net | 5,216 | 4,776 | | Property, Plant, Equipment and Operating Lease Assets, Net | 3,704 | 3,402 | | Intangible Assets, Net | 4,861 | 4,805 | | Total Assets | 43,687 | 42,933 | | Debt | 27,408 | 26,882 | | Other Payables and Liabilities | 8,376 | 8,221 | | Total Liabilities | 35,853 | 35,165 | | Equity | 7,779 | 7,713 | - As of June 30, 2025, cash and cash equivalents decreased by **$679 million** compared to year-end 2024[35](index=35&type=chunk) - Net finance receivables increased by **$302 million**, and net inventories increased by **$440 million**[35](index=35&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 saw operating cash flow significantly improve from negative to positive, reduced investing outflows, and increased financing outflows due to net debt reduction and dividends Consolidated Statements of Cash Flows Summary | Indicator ($ million) | H1 2025 | H1 2024 | | :--------------------------------------- | :------------- | :------------- | | Net Cash Provided (Used) by Operating Activities | 934 | (515) | | Net Cash Provided (Used) by Investing Activities | (622) | (929) | | Net Cash Provided (Used) by Financing Activities | (1,261) | (820) | | Cash, Cash Equivalents and Restricted Cash at End of Period | 3,147 | 2,647 | - Net cash provided by operating activities increased by **$1.449 billion year-over-year**, turning from a negative **$515 million in H1 2024 to a positive $934 million in H1 2025**[37](index=37&type=chunk) - Cash outflow from financing activities increased by **$441 million**, primarily due to a net debt reduction of **$935 million** and dividend payments of **$321 million**[37](index=37&type=chunk) [Supplemental Segment Financial Statements](index=13&type=section&id=Supplemental%20Segment%20Financial%20Statements) Supplemental segment financial statements for Q2 and H1 2025 detail significant revenue and net income declines for industrial activities, with financial services also showing decreases, alongside changes in balance sheet and cash flow components [Supplemental Statements of Operations - Three Months Ended June 30, 2025 and 2024](index=13&type=section&id=Supplemental%20Statements%20of%20Operations%20-%20Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) Q2 2025 saw significant declines in industrial total revenue and net income, with financial services also experiencing slight reductions, impacted by rising costs and increased interest expenses Q2 2025 Industrial Activities and Financial Services Statements of Operations Summary | Indicator ($ million) | Industrial Activities (Q2 2025) | Financial Services (Q2 2025) | Industrial Activities (Q2 2024) | Financial Services (Q2 2024) | | :--------------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Total Revenues | 4,060 | 685 | 4,832 | 687 | | Cost of Sales | 3,192 | — | 3,702 | — | | Selling, General and Administrative Expenses | 364 | 114 | 374 | 87 | | Research and Development Expenses | 218 | — | 237 | — | | Interest Expense | 65 | 329 | 75 | 374 | | Net Income | 130 | 87 | 313 | 91 | - Industrial net sales decreased by **16.3% year-over-year to $4.021 billion**[39](index=39&type=chunk) - Industrial net income decreased by **58.5% year-over-year to $130 million**[39](index=39&type=chunk) [Supplemental Statements of Operations - Six Months Ended June 30, 2025 and 2024](index=15&type=section&id=Supplemental%20Statements%20of%20Operations%20-%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) H1 2025 saw significant declines in industrial total revenue and net income due to weak demand, with financial services also experiencing revenue and net income decreases from higher interest and operating costs H1 2025 Industrial Activities and Financial Services Statements of Operations Summary | Indicator ($ million) | Industrial Activities (H1 2025) | Financial Services (H1 2025) | Industrial Activities (H1 2024) | Financial Services (H1 2024) | | :--------------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Total Revenues | 7,262 | 1,336 | 9,005 | 1,372 | | Cost of Sales | 5,761 | — | 6,897 | — | | Selling, General and Administrative Expenses | 669 | 195 | 716 | 156 | | Research and Development Expenses | 402 | — | 465 | — | | Interest Expense | 120 | 661 | 149 | 734 | | Net Income | 172 | 177 | 564 | 209 | - Industrial net sales decreased by **19.5% year-over-year to $7.193 billion**[43](index=43&type=chunk) - Industrial net income decreased by **69.5% year-over-year to $172 million**[43](index=43&type=chunk) [Supplemental Balance Sheets](index=17&type=section&id=Supplemental%20Balance%20Sheets) Industrial activities' total assets increased due to inventories and PPE, while financial services' total assets slightly decreased, with finance receivables remaining key, and total debt rising for both segments Industrial Activities and Financial Services Supplemental Balance Sheets Summary | Indicator ($ million) | Industrial Activities (Q2 2025) | Financial Services (Q2 2025) | Industrial Activities (Q4 2024) | Financial Services (Q4 2024) | | :--------------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Cash and Cash Equivalents | 2,106 | 406 | 2,332 | 859 | | Finance Receivables, Net | 273 | 23,604 | 218 | 23,528 | | Inventories, Net | 5,155 | 61 | 4,713 | 63 | | Total Assets | 17,538 | 26,914 | 16,677 | 27,254 | | Debt | 5,230 | 22,744 | 4,499 | 23,173 | | Equity | 4,872 | 2,907 | 4,968 | 2,745 | - Industrial activities' total assets increased from **$16.677 billion at year-end 2024 to $17.538 billion as of June 30, 2025**[47](index=47&type=chunk) - Financial Services total assets decreased from **$27.254 billion at year-end 2024 to $26.914 billion**[47](index=47&type=chunk) [Supplemental Statements of Cash Flows](index=19&type=section&id=Supplemental%20Statements%20of%20Cash%20Flows) H1 2025 saw industrial operating cash flow turn positive with increased investing outflows, while financial services maintained strong operating cash flow but experienced significantly higher financing outflows due to net debt reduction Industrial Activities and Financial Services Supplemental Statements of Cash Flows Summary | Indicator ($ million) | Industrial Activities (H1 2025) | Financial Services (H1 2025) | Industrial Activities (H1 2024) | Financial Services (H1 2024) | | :--------------------------------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Net Cash Provided (Used) by Operating Activities | 110 | 944 | (837) | 402 | | Net Cash Provided (Used) by Investing Activities | (639) | 17 | 101 | (1,029) | | Net Cash Provided (Used) by Financing Activities | 124 | (1,505) | (1,082) | 181 | | Cash and Cash Equivalents at End of Period | 2,201 | 946 | 1,714 | 933 | - Industrial activities' net cash provided by operating activities increased by **$947 million year-over-year**, turning from a negative **$837 million in H1 2024 to a positive $110 million in H1 2025**[50](index=50&type=chunk) - Financial Services' cash outflow from financing activities increased by **$1.686 billion year-over-year**, primarily due to a net debt reduction of **$1.385 billion**[50](index=50&type=chunk) [Other Supplemental Financial Information & Reconciliations](index=21&type=section&id=Other%20Supplemental%20Financial%20Information%20%26%20Reconciliations) This section provides detailed reconciliations for adjusted EBIT, net cash (debt), and free cash flow, along with adjusted net income, and outlines revisions to prior period financial statements [Adjusted EBIT of Industrial Activities by Segment](index=21&type=section&id=Adjusted%20EBIT%20of%20Industrial%20Activities%20by%20Segment) Agriculture and Construction segments saw significant adjusted EBIT declines in Q2 and H1 2025 due to market challenges, with unallocated items negatively affecting overall industrial adjusted EBIT Adjusted EBIT of Industrial Activities by Segment | Indicator ($ million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | | Agriculture | 263 | 502 | 402 | 890 | | Construction | 35 | 60 | 49 | 111 | | Unallocated Items, Eliminations and Other | (74) | (60) | (126) | (127) | | **Total Industrial Adjusted EBIT** | **224** | **502** | **325** | **874** | - In Q2 2025, Agriculture segment adjusted EBIT decreased by **47.6% year-over-year**, and Construction segment decreased by **41.7%**[53](index=53&type=chunk) - In H1 2025, total industrial adjusted EBIT decreased by **62.9% year-over-year**[53](index=53&type=chunk) [Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities](index=21&type=section&id=Reconciliation%20of%20Consolidated%20Net%20Income%20to%20Adjusted%20EBIT%20of%20Industrial%20Activities) This reconciliation details the calculation from consolidated net income to industrial adjusted EBIT by excluding taxes, financial services, industrial interest, FX, pension costs, restructuring, and other non-recurring items Reconciliation of Consolidated Net Income to Adjusted EBIT of Industrial Activities Summary | Indicator ($ million) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | | Net Income | 217 | 404 | 349 | 773 | | Less: Consolidated Income Tax Expense | (76) | (95) | (123) | (172) | | Less: Financial Services Net Income | (87) | (91) | (177) | (209) | | Less: Financial Services Income Tax | (25) | (23) | (53) | (42) | | Add: Industrial Activities Net Interest Expense | 26 | 46 | 51 | 78 | | Add: Industrial Activities Net Foreign Exchange (Gains) Losses | 9 | 4 | 14 | 4 | | Add: Restructuring Expenses | 5 | 51 | 11 | 81 | | **Total Industrial Adjusted EBIT** | **224** | **502** | **325** | **874** | - In Q2 2025, restructuring expenses were **$5 million**, significantly lower than **$51 million in Q2 2024**[54](index=54&type=chunk) - Q2 2024 included a **$15 million loss** on the sale of a non-core product line, which was absent in Q2 2025[55](index=55&type=chunk) [Reconciliation of Total (Debt) to Net Cash (Debt)](index=22&type=section&id=Reconciliation%20of%20Total%20(Debt)%20to%20Net%20Cash%20(Debt)) This reconciliation details total debt and net cash (debt) as of June 30, 2025, segmented by industrial and financial services, including cash, restricted cash, intercompany notes, Iveco Group finance receivables, and hedging derivatives Reconciliation of Total (Debt) to Net Cash (Debt) Summary | Indicator ($ million) | Consolidated (Q2 2025) | Consolidated (Q4 2024) | Industrial Activities (Q2 2025) | Industrial Activities (Q4 2024) | Financial Services (Q2 2025) | Financial Services (Q4 2024) | | :--------------------------------------- | :------------- | :------------- | :----------------- | :----------------- | :----------------- | :----------------- | | Third-Party (Debt) | (27,408) | (26,882) | (4,989) | (4,043) | (22,419) | (22,839) | | Total (Debt) | (27,477) | (26,944) | (5,233) | (4,503) | (22,810) | (23,231) | | Cash and Cash Equivalents | 2,512 | 3,191 | 2,106 | 2,332 | 406 | 859 | | Restricted Cash | 635 | 675 | 95 | 89 | 540 | 586 | | Intercompany Notes Receivable | — | — | 325 | 334 | 241 | 456 | | Finance Receivables from Iveco Group N.V. | 263 | 168 | 174 | 50 | 89 | 118 | | Hedging Derivatives | (2) | (37) | (20) | (29) | 18 | (8) | | **Net Cash (Debt)** | **(24,069)** | **(22,947)** | **(2,553)** | **(1,727)** | **(21,516)** | **(21,220)** | - As of June 30, 2025, consolidated net cash (debt) was **negative $24.069 billion**, an increase from **negative $22.947 billion as of December 31, 2024**[56](index=56&type=chunk) - Industrial activities' net cash (debt) increased from **negative $1.727 billion at year-end 2024 to negative $2.553 billion**[56](index=56&type=chunk) [Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities](index=22&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20(Used)%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow%20of%20Industrial%20Activities) This reconciliation details the calculation from operating cash flow to industrial free cash flow by deducting financial services cash flow, hedging derivatives, operating lease asset investments, and PPE/intangible asset investments Reconciliation of Net Cash Provided (Used) by Operating Activities to Free Cash Flow of Industrial Activities Summary | Indicator ($ million) | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | | Net Cash Provided (Used) by Operating Activities | 934 | (515) | 772 | 379 | | Less: Net Cash Provided (Used) by Financial Services Operating Activities | (824) | (322) | (186) | (124) | | Less: Industrial Activities Investments in Property, Plant, Equipment and Intangible Assets | (191) | (206) | (88) | (110) | | **Free Cash Flow of Industrial Activities** | **(116)** | **(1,069)** | **451** | **140** | - In H1 2025, industrial free cash flow was **negative $116 million**, a significant improvement from **negative $1.069 billion in H1 2024**[58](index=58&type=chunk) - In Q2 2025, industrial free cash flow was **$451 million**, a substantial increase from **$140 million in Q2 2024**[58](index=58&type=chunk) [Reconciliation of Adjusted Net Income and Adjusted Income Tax (Expense) Benefit](index=24&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Income%20and%20Adjusted%20Income%20Tax%20(Expense)%20Benefit) This reconciliation details the calculation from net income to adjusted net income and adjusted income tax by excluding restructuring, U.S. medical plan benefits, and non-core product sales for comparable performance Reconciliation of Adjusted Net Income and Adjusted Income Tax (Expense) Benefit Summary | Indicator ($ million) | H1 2025 | H1 2024 | Q2 2025 | Q2 2024 | | :--------------------------------------- | :------------- | :------------- | :------------- | :------------- | | Net Income (Loss) | 349 | 773 | 217 | 404 | | Adjusted Net Income (Loss) | 348 | 839 | 216 | 451 | | Adjusted Diluted EPS ($) | 0.27 | 0.66 | 0.17 | 0.35 | | Income Tax (Expense) Benefit | (123) | (172) | (76) | (95) | | Adjusted Income Tax (Expense) Benefit | (123) | (191) | (76) | (108) | | Adjusted Effective Tax Rate | 28.2% | 20.3% | 27.7% | 21.0% | - In H1 2025, adjusted net income was **$348 million**, and adjusted diluted EPS was **$0.27**[59](index=59&type=chunk) - In Q2 2025, the adjusted effective tax rate increased from **21.0% in Q2 2024 to 27.7%**[59](index=59&type=chunk) [Revision of Prior Period Financial Statements](index=25&type=section&id=Revision%20of%20Prior%20Period%20Financial%20Statements) Prior period financial statements were revised to correct non-material errors in highly inflationary accounting for Turkish affiliates, impacting equity in earnings, net income, diluted EPS, and non-GAAP measures - The revision is due to non-material corrections for highly inflationary accounting treatment of unconsolidated affiliates in Turkey[60](index=60&type=chunk) - This correction resulted in an overstatement of equity in earnings of unconsolidated subsidiaries and affiliates by **$96 million in 2023 and $67 million in H1 2024**, respectively[60](index=60&type=chunk) Summary of Prior Period Financial Statement Revision Impact (H1 2024) | Indicator ($ million) | Pre-Revision | Revision Impact | Post-Revision | | :--------------------------------------- | :------- | :------- | :------- | | Equity in Earnings of Unconsolidated Subsidiaries and Affiliates | 156 | (67) | 89 | | Net Income (Loss) | 840 | (67) | 773 | | Diluted EPS | 0.66 | (0.05) | 0.61 | | Adjusted Net Income | 906 | (67) | 839 | | Adjusted Diluted EPS | 0.71 | (0.05) | 0.66 | | Industrial Adjusted EBIT | 941 | (67) | 874 |

Core Insights - CNH Industrial reported second quarter consolidated revenues of $4.71 billion, a decrease of 14% compared to Q2 2024, primarily due to lower industry demand and dealer destocking [1][5][10] - Net income for the quarter was $217 million, down 46% from $404 million in the same period last year, with diluted earnings per share (EPS) at $0.17, down from $0.32 [1][5][6] - The company reaffirmed its full-year guidance, expecting continued challenges in the agriculture and construction equipment markets [1][16][18] Financial Performance - Consolidated revenues decreased to $4,711 million from $5,488 million in Q2 2024, with net sales of Industrial Activities at $4,021 million, down 16% [5][21] - Adjusted EBIT for Industrial Activities fell to $224 million, a 55% decline from $502 million in Q2 2024, with an adjusted EBIT margin of 5.6% compared to 10.5% [5][10][21] - Free cash flow for Industrial Activities improved to $451 million, up $311 million year-over-year, attributed to lower net change in working capital [7][21] Segment Performance - Agriculture segment net sales decreased by 17% to $3.25 billion, with an adjusted EBIT of $263 million, down 48% from $502 million in Q2 2024 [8][10] - Construction segment net sales fell by 13% to $773 million, with adjusted EBIT decreasing to $35 million from $60 million in the previous year [11][12] - Financial Services revenues were relatively stable at $685 million, with net income of $87 million, a slight decrease from $91 million in Q2 2024 [13][14] Market Conditions - The company faced challenging market conditions, with North America experiencing a 7% decline in industry volume for tractors under 140 HP and a 37% decline for tractors over 140 HP [9][10] - In Europe, Middle East, and Africa (EMEA), tractor demand was down 7%, while combine demand increased by 8% [9] - The company is navigating a changing global trade environment, which may impact its forecasts for the year [16][18] Outlook - CNH Industrial expects global industry retail sales to decline in both agriculture and construction equipment markets compared to 2024, with agriculture segment net sales projected to decrease between 12% and 20% year-over-year [16][18] - The company aims to reduce excess channel inventory by producing fewer units than retail demand, which will result in lower net sales for 2025 [16][18] - Adjusted EBIT margin for the agriculture segment is expected to be between 7% and 9%, while for the construction segment, it is projected to be between 2% and 4% [18]

Core Viewpoint - CNH Industrial (CNH) is expected to report a significant decline in quarterly earnings and revenues, with earnings per share projected at $0.16, down 57.9% year over year, and revenues forecasted at $4.53 billion, a decrease of 17.5% compared to the previous year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised downward by 3.3%, indicating a reassessment by analysts of their initial projections [1][2]. - Revisions to earnings estimates are crucial indicators for predicting investor actions regarding the stock, with empirical research showing a strong correlation between earnings estimate trends and short-term stock price performance [2]. Revenue Projections - Analysts estimate 'Revenues- Net Sales' to be $3.87 billion, reflecting a year-over-year decline of 19.4% [4]. - 'Revenues- Total Industrial Activities- Agriculture' is projected at $2.97 billion, indicating a decrease of 24% from the prior year [4]. - 'Revenues- Total Industrial Activities- Construction' is expected to reach $783.84 million, down 11.9% year over year [5]. - 'Revenues- Finance, interest and other income' is forecasted at $661.32 million, a decline of 3.5% from the previous year [5]. Segment-Specific Sales Estimates - 'Agriculture Sales- North America' is anticipated to be $1.24 billion, down 28.8% year over year [5]. - 'Agriculture Sales- Europe, Middle East and Africa' is projected at $997.86 million, reflecting a decrease of 16.2% [6]. - 'Agriculture Sales- South America' is expected to reach $489.02 million, indicating a decline of 12.5% [6]. - 'Construction Sales- Asia Pacific' is forecasted at $55.77 million, down 7.1% from the prior year [6]. - 'Construction Sales- North America' is estimated to be $416.17 million, reflecting a decrease of 17.3% [7]. - 'Construction Sales- Europe, Middle East and Africa' is projected at $166.04 million, down 4.6% year over year [7]. - 'Construction Sales- South America' is expected to reach $146.14 million, indicating a decline of 4.5% [8]. - 'Agriculture Sales- Asia Pacific' is projected at $354.72 million, down 16.3% from the previous year [8]. Stock Performance - CNH shares have experienced a decline of 4.1% over the past month, contrasting with a 3.4% increase in the Zacks S&P 500 composite [8].

Core Viewpoint - CNH Industrial (CNH) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended June 2025, with the consensus outlook indicating a significant impact on its near-term stock price based on actual results compared to estimates [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.16 per share, reflecting a year-over-year decrease of 57.9% [3]. - Revenues are projected to be $4.53 billion, down 17.6% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 3.31% lower in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for CNH is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.59%, suggesting a bullish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - CNH currently holds a Zacks Rank of 3, which, along with the positive Earnings ESP, suggests a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, CNH was expected to post earnings of $0.09 per share but exceeded expectations with earnings of $0.10, resulting in a surprise of +11.11% [13]. - Over the past four quarters, CNH has only beaten consensus EPS estimates once [14]. Industry Comparison - Agco (AGCO), a competitor in the manufacturing - farm equipment industry, is expected to report earnings of $1.06 per share for the same quarter, indicating a year-over-year change of -58.1% [18]. - Agco's revenues are projected to be $2.48 billion, down 23.6% from the previous year, with a consensus EPS estimate revised 1.3% upward in the last 30 days, but it has a negative Earnings ESP of -0.47% [19].