Financial Performance - Fourth quarter consolidated revenues decreased by 28% to 19.84 billion[1][3][16] - Fourth quarter net income was 583 million in Q4 2023; full year net income was 2,287 million in 2023[1][3][16] - Full year diluted EPS was 1.69 in 2023; adjusted diluted EPS was 1.63 in the previous year[1][3][16] - The company reported a net income of 583 million in Q4 2023, representing a decrease of 69.8%[33] - Net income for the year ended December 31, 2024, was 2,287 million in 2023[42] - Adjusted net income for the year was 2,217 million in the previous year, reflecting a decline of approximately 39.5%[55] - The adjusted diluted EPS for the year was 1.63 in 2023, representing a decrease of about 35.4%[55] Segment Performance - Agriculture segment net sales fell by 31% to 244 million from 718 million in Q4 2024, with adjusted EBIT down to 62 million in Q4 2023[8][9][16] - Adjusted EBIT for Industrial Activities in Q4 2024 was 662 million in Q4 2023, with an adjusted EBIT margin of 4.7%[3][4][16] - The Agriculture segment's adjusted EBIT for the year ended December 31, 2024, was 2,636 million in 2023[50] - The Construction segment's adjusted EBIT for the year ended December 31, 2024, was 238 million in 2023[50] Revenue and Sales Forecast - 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][19] - 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] Cash Flow and Assets - Cash flows from operating activities increased to 907 million in 2023, reflecting a significant improvement[37] - Cash flows from operating activities for the year ended December 31, 2024, were 907 million in 2023, indicating a significant increase[53] - Free cash flow of Industrial Activities for the year ended December 31, 2024, was 1,630 million in 2023[53] - CNH's total assets decreased to 46,267 million in 2023, a reduction of 7.9%[35] - Cash and cash equivalents decreased to 4,322 million in 2023, a decline of 26.1%[35] Liabilities and Debt - The company's total liabilities also decreased to 38,117 million in 2023, a decline of 7.7%[35] - Total debt as of December 31, 2024, was 27,472 million in 2023[51] - The company reported a net increase in debt of 3,788 million in 2023[48] Research and Development - Research and development expenses for Q4 2024 were 275 million in Q4 2023, a decrease of 13.5%[33] - Research and development expenses for the year ended December 31, 2024, were 1,041 million in 2023[42] Restructuring and Adjustments - The company incurred restructuring expenses of 59 million in Q4 2023, reflecting a reduction of 59.3%[33] - The company reported restructuring expenses of 97 million[55] - The company has revised prior periods' results due to an overstatement of equity in income of unconsolidated subsidiaries by 67 million in the first half of 2024[22] Foreign Exchange and Other Impacts - The company experienced a foreign exchange loss of 105 million in 2023[50]
CNH Industrial N.V.(CNH) - 2024 Q4 - Annual Results