CNH Industrial (CNH) Q4 2024 Earnings Call February 04, 2025 09:00 AM ET Company Participants Jason Omerza - VP of Investor RelationsGerrit Marx - CEO & Head of AgricultureOddone Incisa - CFOTami Zakaria - Executive DirectorAngel Castillo - Executive DirectorDavid Raso - Senior Managing Director & PartnerJamie Cook - Managing Director - Equity ResearchDaniela Costa - Managing DirectorAvi Jaroslawicz - Equity Research Associate Conference Call Participants Mircea Dobre - Associate Director of Research & Seni ...

Financial Performance - Fourth quarter consolidated revenues decreased by 28% to $4.88 billion, and full year consolidated revenues declined by 20% to $19.84 billion[1][3][16] - Fourth quarter net income was $176 million, a 70% decrease from $583 million in Q4 2023; full year net income was $1,259 million, down 45% from $2,287 million in 2023[1][3][16] - Full year diluted EPS was $0.99, compared to $1.69 in 2023; adjusted diluted EPS was $1.05, down from $1.63 in the previous year[1][3][16] - Net income attributable to CNH Industrial N.V. for Q4 2024 was $173 million, a significant decrease from $582 million in Q4 2023, representing a decline of 70.3%[33] - Net income for the year ended December 31, 2024, was $1,259 million, a decrease of 44.8% compared to $2,287 million in 2023[42] - Total revenues for the year ended December 31, 2024, were $19,836 million, down 19.5% from $24,687 million in 2023[42] - Adjusted net income for the year ended December 31, 2024, was $1,339 million, compared to $2,217 million in 2023, reflecting a decline of approximately 39.5%[55] Segment Performance - Agriculture segment net sales fell by 31% to $3.41 billion in Q4 2024, with adjusted EBIT decreasing to $244 million from $635 million in Q4 2023[6][7][16] - Construction segment net sales decreased by 33% to $718 million in Q4 2024, with adjusted EBIT down to $18 million from $62 million in Q4 2023[8][9][16] - The Agriculture segment generated an adjusted EBIT of $1,470 million in 2024, down from $2,636 million in 2023, reflecting a decline of 44.0%[50] - The Construction segment's adjusted EBIT for 2024 was $169 million, a decrease of 29.0% from $238 million in 2023[50] Cash Flow and Liquidity - Cash and cash equivalents decreased to $3,191 million as of December 31, 2024, compared to $4,322 million at the end of 2023, a decline of 26.1%[35] - Cash flows from operating activities increased to $1,968 million in 2024, compared to $907 million in 2023, reflecting a significant improvement[37] - Free cash flow of Industrial Activities for the year ended December 31, 2024, was $1,216 million, a decrease from $1,630 million in 2023[53] - The company reported a net cash used in investing activities of $2,772 million in 2024, an improvement from $3,699 million in 2023[37] Assets and Liabilities - Total assets decreased to $42,933 million in 2024 from $46,267 million in 2023, reflecting a reduction of 7.9%[35] - Total liabilities also decreased to $35,165 million in 2024 from $38,117 million in 2023, a decline of 7.7%[35] - The company’s debt as of December 31, 2024, was $26,882 million, slightly down from $27,326 million in 2023[45] Restructuring and Expenses - The company incurred restructuring expenses of $24 million in Q4 2024, compared to $59 million in Q4 2023[33] - The company reported restructuring expenses of $118 million for the year ended December 31, 2024[55] - Research and development expenses for the year ended December 31, 2024, were $924 million, a decrease of 11.3% compared to $1,041 million in 2023[42] Future Outlook - The company forecasts a decline in global industry retail sales for both agriculture and construction equipment markets in 2025, with net sales expected to be lower than in 2024[17][18] - Agriculture segment net sales are projected to decrease between 13% and 18% year-over-year in 2025, while construction segment net sales are expected to decline between 5% and 10%[19] - Free Cash Flow of Industrial Activities is anticipated to be between $200 million and $500 million in 2025, with adjusted diluted EPS projected between $0.65 and $0.75[19] Revision and Adjustments - The company revised prior period results, resulting in a $96 million overstatement of equity in income of unconsolidated subsidiaries for 2023[56] - Net income attributable to CNH Industrial N.V. for the three months ended December 31, 2023, was revised to $582 million from $616 million, a decrease of $34 million[58] - Total assets as of December 31, 2023, were revised to $46,267 million, down from $46,351 million, reflecting a reduction of $84 million[58] - The company experienced a revision impact on net income totaling $96 million for FY 2023[61]

Fourth quarter consolidated revenues declined 28%; full year consolidated revenues declined 20% on lower industry demand for Agriculture and Construction equipment Fourth quarter net income of $176 million; full year net income of $1,259 million Full year diluted EPS at $0.99; adjusted diluted EPS at $1.05 Results reflect channel destocking and continued execution of cost savings initiatives Basildon, UK - February 4, 2025 - CNH Industrial N.V. (NYSE: CNH) today reported results for the three months and twe ...

CNH to release 2024 Fourth Quarter & Full Year financial results on February 4 Basildon, January 23, 2025 CNH (NYSE: CNH) will release its financial results for the Fourth Quarter and Full Year of 2024 on Tuesday, February 4, 2025. A live audio webcast of the financial results conference call will begin at 9:00 a.m. ET on the same day. It will be accessible at the following address: bit.ly/CNH_Q4FY_2024 For those unable to participate in the live session, a replay will remain archived in the Investor Relat ...

Good Design Award Winners Image showing the two brands winning products. CASE 580EV Electric Backhoe Loader Sketch showing the CASE 580EV Electric Backhoe Loader CASE 580EV Electric Backhoe Loader CASE 580EV Electric Backhoe Loader sketch CASE 580EV Electric Backhoe Loader CASE 580EV Electric Backhoe Loader side view sketch New Holland Construction W40X Electric Power New Holland Construction W40X Electric Power New Holland Construction W40X Electric Power New Holland Construction ...

People_Precision_Technology_Scenarios_0073_05-24 Man in field holding a tablet in front of a Case IH tractor. CNH rolls out new AI tool for instant customer support Basildon, January 15, 2025 A CNH chatbot powered by artificial intelligence (AI) is changing the game when it comes to helping dealers support customers. The CNH AI Tech Assistant tool is already at work at over 300 authorized agriculture and construction dealer groups in North America, Australia and New Zealand, with global expansion underw ...

CNH announces Global Leadership Team appointment Basildon, January 13, 2024 CNH (NYSE: CNH) today announces the appointment of Luis Abreu as Chief Information Officer (CIO). In this role, he joins the Company’s Global Leadership Team (GLT), which is empowered to carry out the fast and effective delivery of CNH’s strategic priorities for profitable long-term growth globally. Mr. Abreu brings over two decades of experience with CNH and its predecessor companies. He began his career in IT in 2005 at truck and ...

Group 1 - CNH's CASE Construction Equipment unveiled a special edition compact track loader inspired by Metallica frontman James Hetfield at a charity concert [1][2] - The custom-designed CASE TV450B loader will be used at Hetfield's ranch, following a design commissioned by him [1][2] - The design, created by CNH's John Piper, incorporates elements from Hetfield's tattoos and personal style, including a sandy camouflage pattern reminiscent of his Snakebyte electric guitar [1][2] Group 2 - The CASE TV450B compact track loader is known for its durability and versatility in commercial and residential construction, as well as landscaping tasks [2] - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity across its brands [2] - The company has a rich history of over two centuries in pioneering its sectors and continues to innovate to enhance customer efficiency and success [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36085 CNH ...

| --- | --- | --- | --- | |-----------------------------------------------|--------------------|---------|-----------| | | NON-GAAP \nQ3 2024 | Q3 2023 | Change | | Adjusted EBIT of Industrial Activities | 336 | 627 | (46)% | | Adjusted EBIT margin of Industrial Activities | 8.4% | 11.8% | (340) bps | | Adjusted net income | 304 | 540 | (44)% | | Adjusted diluted EPS $ | 0.24 | 0.40 | (0.16) | | Free cash flow of Industrial Activities | (180) | (127) | (53) | (3) (7) PRESS RE Exhibit 99.1 CNH Industrial N.V ...