CNH Industrial(US:CNHI)2025-05-06 14:45Financial Performance - Total revenues for the three months ended March 31, 2025, were $3,828 million, a decrease of 20.5% compared to $4,818 million in the same period of 2024[12]. - Net income attributable to CNH Industrial N.V. for Q1 2025 was $131 million, down 64.4% from $368 million in Q1 2024[12]. - The company incurred a net loss of $132 million for Q1 2025, compared to a net income of $369 million in Q1 2024, representing a decline of 135.7%[12]. - Comprehensive income attributable to CNH Industrial N.V. was $188 million for Q1 2025, down 41.0% from $319 million in Q1 2024[15]. - The company reported a basic earnings per share of $0.10 for Q1 2025, down from $0.29 in Q1 2024, a decrease of 65.5%[12]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $1,695 million as of March 31, 2025, from $3,191 million at December 31, 2024, representing a decline of 46.9%[10]. - The company reported a net cash used by operating activities of $162 million for Q1 2025, compared to a net cash used of $894 million in Q1 2024[18]. - 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 decrease of 3.2%[10]. Assets and Liabilities - Total assets decreased to $42,057 million as of March 31, 2025, from $42,933 million at December 31, 2024, a reduction of 2.0%[10]. - Total liabilities decreased to $34,098 million as of March 31, 2025, down from $35,165 million at December 31, 2024, a decrease of 3.0%[10]. - The company’s total equity increased to $7,902 million as of March 31, 2025, from $7,713 million at December 31, 2024, an increase of 2.5%[10]. Revenue Breakdown by Segment - Agriculture segment revenues decreased to $2,581 million in Q1 2025 from $3,373 million in Q1 2024, representing a decline of 23.5%[30]. - Construction segment revenues fell to $591 million in Q1 2025, down 22.0% from $758 million in Q1 2024[30]. - Financial Services revenues decreased to $651 million in Q1 2025 from $685 million in Q1 2024, a decline of 5.0%[30]. Research and Development - Research and development expenses for Q1 2025 were $184 million, a decrease of 19.3% compared to $228 million in Q1 2024[12]. - Research and development expenses for the Agriculture segment were $163 million in Q1 2025, while the Construction segment incurred $21 million[51]. Inventory and Receivables - Total inventory rose to $5,156 million as of March 31, 2025, up from $4,776 million at the end of 2024, suggesting increased stock levels[58]. - Financing receivables decreased from $10,831 million on December 31, 2024, to $10,207 million on March 31, 2025[35]. - The total past due receivables in North America for 2025 were $1,182 million, showing a significant decrease from $3,815 million in 2024[70]. Tax and Regulatory Impact - The effective tax rate increased from 19.2% in Q1 2024 to 29.0% in Q1 2025, attributed to the company's income mix and reduced rate relief from Argentina's economy[39]. - The company does not expect the OECD's proposed global minimum tax of 15% to have a material impact on its financial results during 2025[40]. Derivatives and Financial Instruments - The total notional amount of CNH's foreign exchange derivatives was $4.7 billion as of March 31, 2025, compared to $4.2 billion at December 31, 2024[113]. - CNH's interest rate derivatives totaled approximately $9.0 billion as of March 31, 2025, down from $9.1 billion at December 31, 2024[117]. - The fair value of CNH's derivative assets was $124 million on March 31, 2025, compared to $147 million on December 31, 2024[120]. Related Party Transactions - Net revenues from transactions with Iveco Group for Q1 2025 were $27 million, down from $38 million in Q1 2024[136]. - Purchases from Iveco Group in Q1 2025 totaled $147 million, compared to $211 million in Q1 2024[136]. - Related party net sales for Q1 2025 were $76 million, a decrease from $158 million in Q1 2024[138].