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Mar 31, 2023
CNH Industrial Q1 2023 Earnings Report
CNH Industrial reported record results driven by strong demand for agriculture equipment and improved construction performance.
Key Takeaways
CNH Industrial reported strong Q1 2023 results, with consolidated revenues up 15% to $5,342 million and net income reaching $486 million. The company benefited from robust demand in the agriculture sector and improved performance in construction, particularly in North America. Strategic acquisitions and lean enterprise programs are contributing to a simpler and more effective company.
Consolidated revenues increased by 15% compared to Q1 2022, reaching $5,342 million.
Net income was $486 million, with diluted EPS of $0.35.
Net sales for Industrial Activities increased by 14% compared to Q1 2022, totaling $4,776 million.
Net sales guidance for FY 2023 was updated to an increase of 8-11% vs 2022.
Revenue by Segment
Forward Guidance
CNH Industrial updated the 2023 outlook for its Industrial Activities.
Positive Outlook
- Net sales up between 8% and 11% year on year including currency translation effects
- North American demand for row crop products is strong.
- Globally, pricing continues to be resilient.
- Order backlog remains solid and well above 2019 levels.
Challenges Ahead
- SG&A up, no more than 5% vs 2022
- The Company is unable to provide this reconciliation without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence, the financial impact, and the periods in which the adjustments may be recognized.
- For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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