CNH Industrial(CNHI) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter consolidated revenues were $3.83 billion, down 21% compared to Q1 2024[1] - Net income for Q1 2025 was $132 million, a decrease of 64% from $369 million in Q1 2024[1] - Diluted earnings per share (EPS) for Q1 2025 was $0.10, down from $0.29 in Q1 2024[1] - Total revenues for Q1 2025 were $3,828 million, a decrease of 20.5% compared to $4,818 million in Q1 2024[34] - Net income attributable to CNH Industrial N.V. for Q1 2025 was $131 million, down 64.4% from $368 million in Q1 2024[34] - Adjusted diluted EPS for Q1 2025 was $0.10, compared to $0.29 in Q1 2024, reflecting a decline of 65.5%[34] - The company reported a net income of $132 million for Q1 2025, compared to $369 million in Q1 2024, reflecting a decline of 64%[40] - Adjusted net income for Q1 2025 was $132 million, down from $369 million in Q1 2024, with adjusted diluted EPS decreasing to $0.10 from $0.30[57] Segment Performance - Net sales of Industrial Activities were $3.17 billion, down 23% year-over-year[4] - Agriculture segment net sales decreased by 23% to $2.58 billion, primarily due to lower shipment volumes[8] - Construction segment net sales decreased by 22% to $591 million, driven by lower shipment volumes[11] - Adjusted EBIT of Industrial Activities decreased to $101 million, a 73% decline from $372 million in Q1 2024[4] - The Agriculture segment reported an EBIT of $139 million in Q1 2025, compared to $388 million in Q1 2024, reflecting a decline of 64%[51] Cash Flow and Liquidity - Cash and cash equivalents decreased to $1,695 million as of March 31, 2025, from $3,191 million at the end of 2024[36] - Net cash provided by operating activities for Q1 2025 was $162 million, a significant improvement from a net cash used of $894 million in Q1 2024[38] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $1,468 million for Q1 2025[38] - Total cash and cash equivalents at the end of Q1 2025 were $2,398 million, down from $3,959 million at the end of Q1 2024, a decrease of 39%[47] - Free cash flow for Industrial Activities in Q1 2025 was $(567) million, an improvement from $(1,209) million in Q1 2024[56] Assets and Liabilities - Total assets as of March 31, 2025, were $42,057 million, down from $42,933 million at the end of 2024[36] - Total liabilities decreased to $34,098 million as of March 31, 2025, compared to $35,165 million at the end of 2024[36] - The company’s debt stood at $26,010 million as of March 31, 2025, down from $26,882 million at the end of 2024, a reduction of 3%[44] - The company reported a net cash (debt) position of $(23,526) million as of March 31, 2025, compared to $(22,947) million as of December 31, 2024[54] Forecast and Guidance - The company forecasts lower global industry retail sales in both agriculture and construction equipment markets for 2025[15] - Adjusted diluted EPS guidance for 2025 is between $0.50 to $0.70, revised from $0.65 to $0.75 previously[20] Restructuring and Expenses - The company reported a restructuring expense of $6 million in Q1 2025, significantly lower than the $31 million reported in Q1 2024[40] - Research and development expenses decreased to $184 million in Q1 2025 from $228 million in Q1 2024, a reduction of approximately 19%[40] - Restructuring expenses amounted to $6 million in Q1 2025, down from $30 million in Q1 2024, indicating a reduction in restructuring costs[52] Financial Services - Financial Services revenues decreased by 5% to $651 million, with net income down 24% to $90 million[12] - The company’s financial services segment reported a net income of $90 million in Q1 2025, down from $118 million in Q1 2024, a decrease of 24%[52]