Core Insights - CNH Industrial reported a 16% decline in consolidated revenue for Q2 2024, totaling $5.49 billion, compared to $6.57 billion in Q2 2023, primarily due to lower industry demand [1][30] - Net income decreased to $438 million, with diluted earnings per share (EPS) of $0.34, down from $710 million and $0.52 in the same quarter last year [1][30] - The company anticipates continued weakness in global industry retail sales for agriculture and construction equipment in the second half of 2024 [8][34] Financial Performance - Adjusted net income for Q2 2024 was $485 million, with adjusted diluted EPS of $0.38, compared to $711 million and $0.52 in Q2 2023 [2][30] - Gross profit margin decreased to 24.4% from 27.0% in Q2 2023, attributed to lower production volume and unfavorable product mix [4][30] - Industrial Free Cash Flow generation was $140 million in Q2 2024, a decrease from previous periods [1][30] Segment Performance - Agriculture segment net sales fell by 20% to $3.91 billion, driven by lower shipment volumes and reduced dealer inventory requirements [3][36] - Construction segment net sales decreased by 16% to $890 million, primarily due to lower volumes across all regions [5][38] - Financial Services segment revenue increased by 19% to $1.37 billion, with net income rising by 37% to $209 million [11][30] Cost Management and Outlook - The company is implementing cost reduction programs aimed at improving through-cycle margins, with a target of achieving a 10-15% reduction in total labor and non-labor SG&A expenses [8][35] - Full-year guidance has been updated to reflect weaker market conditions, with agriculture segment net sales expected to decline between 15% and 20% year-over-year [40][34] - The adjusted EBIT margin for the agriculture segment is projected to be between 13.0% and 14.0% [40]

Core Points - CNH has announced a collaboration with Oxfam to support two social projects in Africa, focusing on sustainable development goals including decent work, reducing inequalities, responsible consumption, and climate action [2][4][17] - The Social Factory Initiative in South Africa aims to create a new model for plastic recycling and social inclusion, directly helping 1,200 people and improving conditions for over 300,000 [4][7][10] - The Sumud Project in Tunisia focuses on supporting micro, small, and medium-sized farms, aiming to assist around 1,000 individuals in vulnerable communities [8][14][15] Project Details - The collaboration will provide financial, technical, and training support to develop crisis management strategies for businesses, particularly in the agricultural, tourism, and artisanal sectors [3][8] - The initiative is co-financed by the Italian Agency for Development Cooperation and supported by various public and private organizations [3][4] - The projects are designed to empower women, young people, and individuals with disabilities, addressing significant gender inequalities in the workforce [4][17] Company Background - CNH Industrial is a global leader in equipment, technology, and services, focusing on innovation, sustainability, and productivity [18] - The company operates various brands, including Case IH and New Holland, providing comprehensive agricultural applications and construction products [18] - CNH has a history of over two centuries in pioneering its sectors and continues to innovate for customer efficiency and success [11]

Core Insights - CNH is focusing on raising environmental awareness through educational projects in Brazil, particularly targeting children and young people as future custodians of the planet [1][4] - The company has sponsored campaigns in schools across both urban and remote areas in Brazil's north-east for two consecutive years, emphasizing the importance of environmental education [2][4] - CNH's initiatives include a variety of extra-curricular activities that promote environmental education, diversity, inclusion, and human rights advocacy [4][5] Company Overview - CNH Industrial is a global leader in equipment, technology, and services, with a strong emphasis on innovation, sustainability, and productivity [6] - The company operates various brands, including Case IH, New Holland, and CASE, which provide comprehensive agricultural and construction solutions [6] - CNH's workforce consists of over 40,000 employees, contributing to a diverse and inclusive workplace aimed at empowering customers [3][6] Educational Initiatives - The educational content delivered to children was designed to be engaging and accessible, utilizing audio, comic books, workshops, and theatre productions [5] - Over 15,000 children in the states of Piauí and Maranhão participated in these educational activities, highlighting the scale of CNH's outreach [5]

Core Insights - CNH is enhancing its research and development capabilities with the introduction of the Multi-Vehicle Simulator (MVS) at the India Technology Center (ITC), which will facilitate virtual testing and evaluation of products before physical prototypes are created [2][3][5] - The MVS is expected to improve product quality while reducing waste by minimizing the need for physical prototypes, thus streamlining the development process [6] - CNH's commitment to innovation, sustainability, and productivity is reflected in its strategic direction and investment in advanced technologies to support its global and regional brands [8] Company Overview - CNH Industrial is a leading global equipment, technology, and services company with a workforce of over 40,000 employees, dedicated to empowering customers in agriculture and construction sectors [4][8] - The ITC, established in 2021, aims to support CNH's business in India and enhance its global product portfolio [7] - CNH's brands include Case IH, New Holland, CASE, and others, providing a comprehensive range of agricultural and construction equipment, along with digital technologies [8]

Group 1 - CNH Industrial has initiated production of its first electric compact wheel loader at the Lecce plant in Italy as part of its 'A Sustainable Year' series [1][4] - The Lecce site produces over 200 models across seven production lines, including a new line dedicated to electric compact wheel loaders [2] - The company emphasizes its commitment to innovation, sustainability, and productivity, providing strategic direction and R&D capabilities to support its global brands [3] Group 2 - The new electric compact wheel loader weighs 3.7 tons and features a redesign aimed at enhancing sustainability in manufacturing processes [4] - Lecce hosts CNH's largest photovoltaic power installation, consisting of 7,300 solar panels with a peak power of 3.3 Megawatts, which reduces CO2 emissions by over 1,200 tons annually [4] - CNH has a long history of innovation spanning over two centuries, with a workforce of over 40,000 employees dedicated to empowering customers and driving efficiency [5]

Core Viewpoint - CNH Industrial emphasizes its commitment to sustainability and innovation in agriculture and construction, aligning with the UN's World Environment Day themes of land degradation, desertification, and drought [1][2]. Group 1: Sustainability Initiatives - The company showcases various projects addressing environmental issues, such as no-till planting in Brazil and the development of electric-powered construction equipment [2]. - CNH Industrial supports communities in preserving agricultural land through innovative practices [2]. Group 2: Company Overview - CNH Industrial is a leading global equipment, technology, and services company, focusing on innovation, sustainability, and productivity [2]. - The company operates under the brands Case IH, New Holland, CASE, and New Holland Construction Equipment, providing comprehensive agricultural and construction solutions [2]. - CNH has a workforce of over 40,000 employees, promoting a diverse and inclusive workplace aimed at empowering customers [3].

CNH's 'A Sustainable Year' series spotlights women in the workforce Basildon, June 3, 2024 CNH demonstrates its commitment to diversity and inclusion with the second story in its 'A Sustainable Year' series, titled 'Training women for the workforce'. The article highlights CNH India's first female apprentices on the shop floor at its Greater Noida agricultural manufacturing plant. "The future for CNH is the inclusion of women at all levels and right now everybody is working toward that," says Bharti Bist, D ...

CNH Industrial (CNHI) reported first-quarter 2024 adjusted earnings per share (EPS) of 33 cents, down from 35 cents in the prior-year quarter. The figure, however, beat the Zacks Consensus Estimate of 26 cents.In the first quarter, consolidated revenues declined nearly 10% from the year-ago level to $4.82 billion and beat the consensus mark of $4.64 billion. The company’s net sales from industrial activities came in at $4.13 billion, down 14% due to lower industry demand and dealer inventory management.Segm ...

Share Buyback and Capital Management - CNH announced a $1 billion share buyback program that expired on March 1, 2024, and a new $500 million buyback program was authorized in February 2024[13]. - A total of 48,612,288 shares were repurchased under the buyback programs from January 1, 2024, to March 31, 2024, at an average price of $11.95 per share[13]. - As of March 31, 2024, approximately $470,091,739 worth of shares may yet be purchased under the buyback plans[13]. - The company reported a cash outflow of $581 million related to the share buyback program[27]. Debt and Financing - The company has outstanding bonds totaling $3,909 million, with various maturities and coupon rates[25]. - CNH Industrial Capital LLC has issued bonds totaling $5,544 million, with various coupon rates and maturities[25]. - The company has a bond listed on the New York Stock Exchange with a face value of $500 million and a coupon rate of 3.850%, maturing on November 15, 2027[24]. - As of March 31, 2024, total debt was $27,850 million, an increase from $27,472 million as of December 31, 2023[27]. - The company entered into a new multicurrency revolving credit agreement providing for an unsecured, committed revolving credit facility of €3.25 billion, with an option to increase by an additional €500 million[150]. Financial Performance - Total revenues for Q1 2024 were $4,818 million, a decrease of 9.8% from $5,342 million in Q1 2023[42]. - Net income for Q1 2024 was $402 million, down 17.3% from $486 million in Q1 2023[45]. - Basic earnings per share for Q1 2024 were $0.32, compared to $0.36 in Q1 2023, reflecting an 11.1% decline[42]. - Cash flows from operating activities were negative at $(894) million for Q1 2024, compared to $(701) million in Q1 2023[49]. - The company reported a restructuring expense of $31 million in Q1 2024, significantly higher than $1 million in Q1 2023[42]. Assets and Liabilities - Total assets decreased to $45,726 million from $46,351 million at the end of 2023, a reduction of 1.4%[40]. - Total liabilities decreased to $37,714 million from $38,117 million at the end of 2023, a decline of 1.1%[40]. - Cash and cash equivalents decreased to $3,236 million as of March 31, 2024, from $4,322 million at December 31, 2023[27]. - The company reported total retained earnings of $10,151 million, an increase from $9,750 million at December 31, 2023[52]. Revenue Breakdown - Revenue from agricultural sales was $3,373 million, down from $3,927 million, while construction revenue decreased to $758 million from $849 million[64]. - Financial services revenue increased to $685 million, up from $549 million year-over-year[64]. - Agriculture segment net sales totaled $3,373 million for the three months ended March 31, 2024, a decline of 14.1% compared to the same period in 2023[182]. - Construction net sales were $758 million for the three months ended March 31, 2024, down 10.7% year-over-year[184]. Credit and Receivables - The total allowance for credit losses was $330 million for retail and $50 million for wholesale, reflecting an increase in retail reserves primarily in South America[85]. - The total past due receivables were reported at $43 million, with 41 million in the 31-60 days past due category and 2 million in the 61-90 days past due category[90]. - The aging of financing receivables indicates that the majority of non-performing receivables are generally 90 days past due[88]. - The receivables balance greater than 30 days past due was 1.7% as of March 31, 2024, compared to 1.4% a year earlier[188]. Legal and Risk Factors - The company reported no material changes in risk factors from the previous annual report[12]. - There were no significant legal proceedings reported that could impact the financial condition of the company[11]. - The company is exposed to various legal risks, including product liability and environmental risks[28]. - Forward-looking statements indicate potential risks including economic conditions, supply chain disruptions, and geopolitical events[30]. Other Financial Metrics - The effective tax rate for the three months ended March 31, 2024, was 19.2%, a decrease from 27.6% in the same period of 2023[70]. - Interest expense rose to $394 million, up from $272 million, primarily due to higher rates and outstanding debt[166]. - The company recorded amortization expense of $45 million for the three months ended March 31, 2024, compared to $38 million for the same period in 2023[102]. - The total notional amount of foreign exchange derivatives was $5.4 billion as of March 31, 2024, down from $6.1 billion at December 31, 2023, representing a decrease of approximately 11.5%[124].

Basildon, May 3, 2024 CNH Industrial N.V. (NYSE:CNHI) today held its annual general meeting of shareholders. Shareholders re-appointed the Company's director nominees, including Suzanne Heywood and Scott W. Wine as executive directors1, and Elizabeth Bastoni, Howard W. Buffett, Richard J. Kramer, Karen Linehan, Alessandro Nasi, Vagn Sørensen and Åsa Tamsons as non-executive directors.   Shareholders also approved a dividend of $0.47 per common share (equivalent to a total distribution of approximately $585 ...