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National & World Ag News Headlines |
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CNH Industrial Reports Lower Sales, Net Income
USAgNet - 07/27/2016
CNH Industrial N.V. announced consolidated revenues of $6,753 million for the second quarter 2016, down 2.9% compared to the second quarter 2015. Net sales of Industrial Activities were $6,450 million in Q2 2016, down 2.8% compared to the same
period in 2015.
Reported net income was $129 million in the second quarter, which includes an additional non-tax deductible charge of $49 million following finalization of the European Commission settlement on the truck competition investigation. Adjusted net income was
$216 million for the quarter.
Agricultural equipment's net sales decreased 7.5% for the second quarter 2016 compared to the same period in 2015 (down 6.3% on a constant currency basis), as a result of lower industry volume, unfavorable product mix in the row crop sector in NAFTA
and unfavorable industry volume in the small grain sector in EMEA. Net sales increased in APAC, mainly driven by higher volume in Australia. Sales in specialty tractors and harvesters in EMEA remain strong, and in LATAM sugar cane harvester demand offset
the industry decline for tractors.
Meanwhile, operating profit was $301 million for the second quarter ($263 million in the second quarter 2015). The increase was primarily due to positive pricing and cost containment actions, including material cost reductions, and favorable foreign exchange
impact. Operating margin increased 2.0 p.p. to 10.7%.
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