[PART I](index=4&type=section&id=PART%20I) [Business](index=4&type=section&id=Item%201.%20Business) CNH Industrial is a global equipment company with agriculture, construction, and financial services segments, facing a significant 2024 downturn Consolidated Results - 2024 vs 2023 | (in millions of dollars except per share amounts) | 2024 | 2023 | Change | |---|---|---|---| | **Consolidated Revenues** | $19,836 | $24,687 | (20)% | | of which Net Sales of Industrial Activities | $17,060 | $22,080 | (23)% | | **Net income** | $1,259 | $2,287 | (45)% | | **Diluted Earnings per share** | $0.99 | $1.69 | $(0.70) | - The **23% decrease in net sales** and **45% drop in net income** for fiscal year 2024 were primarily driven by decreased industry demand and lower sales volumes[32](index=32&type=chunk) - CNH operates through three business segments: Agriculture, Construction, and Financial Services. The Agriculture and Construction segments are collectively referred to as "Industrial Activities"[17](index=17&type=chunk) - The company has strengthened its core technologies through strategic acquisitions, including Raven Industries in 2021 (precision agriculture), Hemisphere GNSS in 2023 (GNSS solutions), and Augmenta in 2023 (machine vision)[21](index=21&type=chunk) [Business Overview](index=4&type=section&id=Business%20Overview) - CNH is a global equipment company that designs, produces, and sells agricultural and construction equipment, supported by a Financial Services segment offering retail and wholesale financing[16](index=16&type=chunk) - Effective January 1, 2025, CNH is considered a U.S. domestic issuer and is no longer eligible for foreign private issuer exemptions, requiring compliance with U.S. proxy rules, Regulation FD, and Section 16 reporting[14](index=14&type=chunk) [Business Segments](index=5&type=section&id=Business%20Segments) - The Agriculture segment offers a full line of equipment including tractors and combines under brands like Case IH and New Holland, with a focus on precision agriculture solutions[19](index=19&type=chunk)[20](index=20&type=chunk)[24](index=24&type=chunk) - The Construction segment provides a full line of heavy and light construction equipment, including excavators and loaders, under the CASE and New Holland Construction brands. The company began producing full-electric compact construction equipment in 2023[22](index=22&type=chunk)[23](index=23&type=chunk)[29](index=29&type=chunk) - The Financial Services segment, commercially known as CNH Capital, provides financing to end-use customers and wholesale financing to dealers for CNH's equipment[30](index=30&type=chunk) [Industry Overview](index=6&type=section&id=Industry%20Overview) - The agriculture machinery industry's sales are primarily influenced by net farm income, government subsidies, weather conditions, and commodity prices[33](index=33&type=chunk) - The construction equipment market is divided into heavy equipment, driven by infrastructure projects and government spending, and light equipment, influenced by residential and commercial construction levels[40](index=40&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) - CNH is developing methane-powered tractors and has invested in Bennamann Ltd, a company that captures fugitive methane emissions from farm waste to produce biomethane, supporting farm energy independence[37](index=37&type=chunk) [Competition](index=9&type=section&id=Competition) - CNH competes in a highly competitive industry based on product performance, innovation, quality, distribution, customer service, and price[53](index=53&type=chunk) - Key competitors in the agricultural equipment market include Deere & Company, AGCO Corporation, and Kubota Tractor Corporation[55](index=55&type=chunk) - Principal competitors in the construction equipment market include Caterpillar Inc., Komatsu Ltd., and Volvo Group[56](index=56&type=chunk) [Sales, Distribution, Parts and Services](index=11&type=section&id=Sales,%20Distribution,%20Parts%20and%20Services) - The company primarily sells and distributes its products through a large network of independent dealers, with over **2,500 dealer owners for Agriculture** and approximately **427 for Construction**[57](index=57&type=chunk) - CNH operates and administers **30 parts depots worldwide** to support its Agriculture and Construction segments, ensuring timely availability of parts, which is a key competitive factor[65](index=65&type=chunk) [Human Capital](index=17&type=section&id=Human%20Capital) - As of December 31, 2024, CNH had **35,850 employees**, with **10,342 in the U.S. and Canada**. A portion of its U.S. manufacturing workforce is covered by collective bargaining agreements[89](index=89&type=chunk) - The company has a Code of Conduct and a Policy on Diversity and Inclusion, rejecting all forms of discrimination and promoting equal opportunities[91](index=91&type=chunk)[93](index=93&type=chunk) - CNH focuses on employee health and safety with a goal of zero accidents, extending ISO 45001 certification, and implementing awareness initiatives[94](index=94&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) CNH faces strategic, operational, compliance, and financial risks, including a material weakness in inventory controls, impacting its global business [Strategic Risks](index=21&type=section&id=Strategic%20Risks) - The company's performance is highly dependent on the cyclical agricultural industry, which is influenced by farm income, commodity prices, and government policies. Unfavorable market conditions in 2024 led to lower sales and are expected to persist into 2025[115](index=115&type=chunk) - Operating a global business exposes CNH to political, economic, and trade risks, including changes in laws, tariffs, labor disruptions, and geopolitical conflicts like the wars in Ukraine and the Middle East[116](index=116&type=chunk)[120](index=120&type=chunk) - Success depends on innovation and market acceptance of new products, particularly in precision technology, automation, and electrification. Failure to deliver competitive solutions could result in reduced revenue and market share[126](index=126&type=chunk)[127](index=127&type=chunk) [Operational Risks](index=29&type=section&id=Operational%20Risks) - CNH relies on many suppliers for raw materials and components, with some parts sourced from a single supplier. Supply chain disruptions, such as those caused by geopolitical events, can lead to manufacturing delays and increased costs[141](index=141&type=chunk)[142](index=142&type=chunk) - The company faces significant cybersecurity risks, including threats to its IT systems, networks, and the sensitive data it stores. A security breach could disrupt operations, compromise confidential information, and harm its reputation[149](index=149&type=chunk)[150](index=150&type=chunk) - Laws and collective labor agreements in many countries could impair flexibility in restructuring business activities and may lead to work interruptions if negotiations are unsuccessful[154](index=154&type=chunk) [Compliance Risks](index=34&type=section&id=Compliance%20Risks) - The company is subject to increasingly stringent and evolving laws regarding product emissions, fuel efficiency, and safety, which require significant R&D and capital expenditures to ensure compliance[156](index=156&type=chunk)[157](index=157&type=chunk) - Proposed "right to repair" legislation could require CNH to provide access to software code, potentially creating product safety issues, compromising engine controls, and harming intellectual property protection[158](index=158&type=chunk) - A material weakness in internal control over financial reporting was identified relating to deficiencies in controls around the existence and completeness of raw material and work-in-process inventory[164](index=164&type=chunk) [Financial and Taxation Risks](index=36&type=section&id=Financial%20and%20Taxation%20Risks) - As of December 31, 2024, CNH had significant outstanding consolidated gross indebtedness of **$26.9 billion**, which could limit financial flexibility and the ability to obtain additional funding[177](index=177&type=chunk) - The company is exposed to market risks from fluctuations in currency exchange rates and interest rates, which can impact earnings, equity, and the cost of financing for both Industrial Activities and Financial Services[167](index=167&type=chunk)[170](index=170&type=chunk) - CNH is a tax resident of the U.K., but tax authorities in other jurisdictions (e.g., the Netherlands or Italy) could challenge this status, potentially leading to adverse tax consequences such as withholding taxes or additional corporate income tax[180](index=180&type=chunk)[181](index=181&type=chunk) [Risks Related to Our Common Shares](index=41&type=section&id=Risks%20Related%20to%20Our%20Common%20Shares) - The company's loyalty voting program, which grants long-term shareholders special voting shares, may reduce the liquidity of common shares and could hinder attempts to change management or acquire control of the company[185](index=185&type=chunk)[186](index=186&type=chunk) - As of January 31, 2025, EXOR N.V. held a voting interest of approximately **45.3%** in CNH, giving it significant influence over the company[186](index=186&type=chunk) [Unresolved Staff Comments](index=41&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) None [Cybersecurity](index=42&type=section&id=Item%201C.%20Cybersecurity) CNH manages cybersecurity risks via its IT Security and Compliance organization, employing various defenses and incident response plans - The company's Cybersecurity Program is overseen by the Audit Committee and managed by the CIO and CISO, focusing on strategy, policy, and processes for enterprise network security[189](index=189&type=chunk) - CNH's cybersecurity strategy includes risk assessments, threat analysis, security tools, employee training exercises (phishing simulations), and monitoring of security standards for external suppliers[189](index=189&type=chunk)[190](index=190&type=chunk) [Properties](index=42&type=section&id=Item%202.%20Properties) CNH operates 40 global manufacturing facilities, along with other properties, deemed sufficient for current and future production needs - As of December 31, 2024, CNH operates **40 manufacturing facilities worldwide**, which it considers adequate to meet its production requirements[194](index=194&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) CNH is involved in various legal proceedings, but management expects no material financial impact beyond current accruals - The company is exposed to numerous legal risks incidental to its business, including litigation and regulatory investigations[198](index=198&type=chunk) - Management does not expect the outcome of unresolved legal matters to have a material effect on the company's financial statements, beyond what has already been accrued[200](index=200&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [PART II](index=45&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) CNH's NYSE-listed common stock is subject to a dividend policy and a $500 million buyback program, with tax implications for shareholders Issuer Purchases of Equity Securities (Fourth Quarter 2024) | Period | Total Number of Shares Purchased | Average Price Paid per Share ($) | Approximate USD Value of Shares that May Yet Be Purchased ($) | |---|---|---|---| | 10/1/2024 - 10/31/2024 | 692,299 | 11.01 | 354,699,515 | | 11/1/2024 - 11/30/2024 | 475,815 | 10.52 | 349,694,750 | | 12/1/2024 - 12/31/2024 | — | — | 349,694,750 | | **Total** | **1,168,114** | | **349,694,750** | - The company's dividend policy targets an annual payout of **25-35%** of its consolidated net income[209](index=209&type=chunk) - A **$500 million** share buyback program was authorized by the Board of Directors in February 2024, effective March 1, 2024[211](index=211&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) CNH's 2024 revenues and Industrial Activities' EBIT declined significantly due to lower demand and destocking, leading to negative free cash flow [Operating Results](index=66&type=section&id=Operating%20Results) Consolidated Results of Operations (2024 vs 2023) | (in millions of dollars) | 2024 | 2023 | |---|---|---| | **Total Revenues** | **$19,836** | **$24,687** | | Net sales | $17,060 | $22,080 | | **Total Costs and Expenses** | **$18,379** | **$21,984** | | Cost of goods sold | $13,350 | $16,838 | | SG&A expenses | $1,712 | $1,863 | | R&D expenses | $924 | $1,041 | | **Net income attributable to CNH** | **$1,246** | **$2,275** | Adjusted EBIT by Segment (2024 vs 2023) | (in millions of dollars) | 2024 | 2023 | $ Change | 2024 Adj EBIT Margin | 2023 Adj EBIT Margin | |---|---|---|---|---|---| | **Agriculture** | $1,470 | $2,636 | $(1,166) | 10.5% | 14.5% | | **Construction** | $169 | $238 | $(69) | 5.5% | 6.1% | | **Adjusted EBIT of Industrial Activities** | **$1,404** | **$2,634** | **$(1,230)** | **8.2%** | **11.9%** | - Agriculture net sales fell **22.8% to $14.0 billion** in 2024, driven by lower shipment volumes due to decreased industry demand and dealer inventory adjustments across all regions[345](index=345&type=chunk) - Construction net sales declined **22.4% to $3.1 billion** in 2024, also due to lower shipment volumes from reduced market demand and dealer destocking[348](index=348&type=chunk) - Financial Services net income increased by **$8 million to $379 million** in 2024, driven by favorable volumes and margins, partially offset by increased risk costs and higher delinquencies, particularly in South America[352](index=352&type=chunk) [Liquidity and Capital Resources](index=73&type=section&id=Liquidity%20and%20Capital%20Resources) Net Cash (Debt) Reconciliation (as of Dec 31) | (in millions of dollars) | 2024 | 2023 | |---|---|---| | **Total Debt** | **$(26,944)** | **$(27,472)** | | Less: Cash and cash equivalents | $3,191 | $4,322 | | Less: Restricted cash | $675 | $723 | | Less: Other adjustments | $515 | $1,239 | | **Net Cash (Debt)** | **$(22,947)** | **$(22,088)** | | *Net Cash (Debt) of Industrial Activities* | *$(1,727)* | *$(16)* | Free Cash Flow of Industrial Activities | (in millions of dollars) | 2024 | 2023 | |---|---|---| | **Free Cash Flow of Industrial Activities** | **$(401)** | **$1,216** | - The company maintains investment-grade credit ratings from S&P (BBB+), Fitch (BBB+), and Moody's (Baa2), although S&P and Fitch revised their outlooks to negative in late 2024/early 2025[375](index=375&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) - Total available liquidity, including cash, restricted cash, and undrawn committed facilities, was **$9.5 billion** at the end of 2024, down from **$11.2 billion** at the end of 2023[389](index=389&type=chunk) [Critical Accounting Estimates](index=85&type=section&id=Critical%20Accounting%20Estimates) - The allowance for credit losses is a critical estimate. A hypothetical **10% increase** in quantitative loss rates would have increased the allowance by approximately **$24 million** at year-end 2024[466](index=466&type=chunk) - Goodwill and indefinite-lived intangible assets are tested for impairment annually. In 2024, an impairment charge of **$11 million** was recognized for an in-process R&D asset in the Agriculture segment, but no goodwill impairment was found[470](index=470&type=chunk)[471](index=471&type=chunk) - Sales allowances, which reduce revenue, are estimated based on historical data and market conditions. The accrual for these allowances decreased to **$2.1 billion** in 2024 from **$2.4 billion** in 2023 due to dealer destocking[473](index=473&type=chunk) - The company recognized a **$29 million tax benefit** from releasing a valuation allowance in China, but this was offset by a **$35 million tax expense** from recording a new valuation allowance in Argentina due to hyperinflationary impacts[480](index=480&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) CNH faces credit, currency, and interest rate risks, actively hedging currency exposure, with sensitivity analyses indicating potential financial impacts - A hypothetical **10% adverse change** in relevant exchange rates would result in a potential loss in fair value of approximately **$113 million** on currency derivative instruments held at year-end 2024[250](index=250&type=chunk) - A hypothetical **10% increase** in short-term interest rates would cause an estimated increase in net expenses before taxes of approximately **$20 million** on an annual basis for floating rate instruments[258](index=258&type=chunk) - The company's policy is to use derivative financial instruments to hedge between **55% and 85%** of its forecasted trading transaction exchange risk exposure for the coming 12 months[246](index=246&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the Consolidated Financial Statements, notes thereto, and supplementary data [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=52&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) None [Controls and Procedures](index=52&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in inventory controls, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2024, due to a material weakness in internal control over financial reporting[262](index=262&type=chunk) - A material weakness was identified related to deficiencies in the operating effectiveness of internal controls over the existence and completeness of raw material and work-in-process inventory[266](index=266&type=chunk) - Remediation actions include hiring consulting professionals, performing full physical inventory counts at certain locations in Q4 2025, developing standard operating procedures, and providing enhanced training to personnel[268](index=268&type=chunk)[270](index=270&type=chunk) [Other Information](index=57&type=section&id=Item%209B.%20Other%20Information) None [Disclosures Regarding Foreign Jurisdictions that Prevent Inspections](index=57&type=section&id=Item%209C.%20Disclosures%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) None [PART III](index=58&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=58&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Executive officer information is in Item 1, with further governance details in the 2025 Proxy Statement, and a Code of Conduct is available - Information regarding directors and corporate governance is incorporated by reference from the forthcoming 2025 Annual General Meeting Proxy Statement[286](index=286&type=chunk) - The company has adopted a Code of Conduct that applies to its executive officers and is available on its website[287](index=287&type=chunk) [Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) The information required by this item will be contained in the Company's Proxy Statement for its 2025 Annual General Meeting [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=58&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) The information required by this item will be contained in the Company's Proxy Statement for its 2025 Annual General Meeting [Certain Relationships and Related Transactions and Director Independence](index=58&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%20and%20Director%20Independence) The information required by this item will be contained in the Company's Proxy Statement for its 2025 Annual General Meeting [Principal Accountant Fees and Services](index=58&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) The information required by this item will be contained in the Company's Proxy Statement for its 2025 Annual General Meeting [PART IV](index=59&type=section&id=Part%20IV) [Exhibits and Financial Statement Schedules](index=59&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section details financial statements, schedules, and exhibits included in the Annual Report on Form 10-K, covering corporate and contractual documents - This section contains the list of financial statements filed with the report, including the Consolidated Statements of Operations, Comprehensive Income, Balance Sheets, Cash Flows, and Changes in Equity, along with the Notes to the Consolidated Financial Statements[294](index=294&type=chunk) - A comprehensive list of exhibits is provided, including corporate governance documents, material contracts, and certifications required by the Sarbanes-Oxley Act[296](index=296&type=chunk)[297](index=297&type=chunk) [Form 10-K Summary](index=61&type=section&id=Item%2016.%20Form%2010-K%20Summary) None

S&P Global yearbook emblem S&P Global Yearbook emblem for top 5% companies CNH ranks in top 5% of S&P Global’s 2025 Sustainability Yearbook The Company was recognized by S&P Global as the second highest performer in its industry group. Basildon, February 13, 2025 CNH (NYSE: CNH) has once again ranked in the top 5% in S&P Global’s 2025 Sustainability Yearbook. This year’s S&P Global Corporate Sustainability Assessment reviewed submissions from over 7,600 companies across 62 industries. This latest resu ...

Financial Data and Key Metrics Changes - Full year 2024 consolidated revenues decreased by 20% and industrial net sales fell by 23% compared to 2023 [11] - Industrial adjusted EBIT margin for the full year was 8.2%, down 370 basis points from 2023, primarily due to lower volumes [11] - Q4 net sales of industrial activities were down 31% year over year to $4.1 billion, driven by decreased equipment deliveries [16] - Full year net income was $1.3 billion with EPS at $1.05, down from $0.39 in Q4 2023 [16] Business Line Data and Key Metrics Changes - In agriculture, net sales decreased by 31% in Q4 and 23% for the full year, with production hours down 34% year over year in Q4 [17][18] - Construction segment saw a 33% drop in Q4 net sales, but gross margins remained flat year over year [21] - Financial Services net income for Q4 was $92 million, a decrease of $21 million compared to Q4 2023, but full year net income increased to $379 million [22][24] Market Data and Key Metrics Changes - Global industry demand is expected to decline by 5% to 10% from 2024, with a more significant decline of 10% to 15% anticipated for the company due to high exposure to cash crop equipment in North America [31] - Dealer inventories in North America are still above target levels, with about 1.5 months of new equipment inventory above expectations [31][93] Company Strategy and Development Direction - The company is focused on reducing channel inventories and maintaining pricing discipline, planning to underproduce to retail demand at least through the first half of 2025 [8][10] - A significant emphasis is placed on quality improvements and operational efficiencies, with a run rate savings of about $600 million achieved by the end of 2024 [9][25] - The company aims to maintain a healthy balance sheet while investing in product and technology advancements [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 was a challenging year due to depressed commodity prices affecting farm income and equipment demand [11][10] - The outlook for 2025 includes expectations of continued low production levels and a focus on upgrading production lines and processes [32] - Management remains cautious about geopolitical uncertainties and their potential impact on the business [26][39] Other Important Information - The company plans to maintain its annual dividend and share repurchase program in 2025, returning approximately $1.3 billion to shareholders in 2024 [28] - R&D expenses are expected to be slightly lower in 2025, around €800 million, benefiting from structural efficiencies [36] Q&A Session Summary Question: Pricing expectations for the two segments in 2025 - Management expects full year pricing to be flat to slightly positive, with the first half being flat to slightly down and the second half showing low to mid-single-digit price increases [43][44] Question: Impact of trade tariffs and production options - Management is analyzing the potential impact of tariffs on imports and is considering reshoring some assembly processes to the U.S. [46][48] Question: Core decremental margins and production versus retail plans - Management indicated that they expect to recover warranty costs throughout 2025, impacting decremental margins positively [57][58] - Production is expected to be down 10% to 15% in the first half of 2025, with a potential recovery in the second half [62] Question: Margin cadence within agriculture for 2025 - Management anticipates lower margins in the first half of 2025, with a recovery expected in the second half, returning to double-digit margins [77][79] Question: Targeted incentive programs for 2025 - The company plans to continue targeted commercial actions to reduce aged inventory and align inventory levels with market demand [86][88]

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]