The following is an extract from the press release “CNH Industrial N.V. Reports Third Quarter 2024 Results”
The complete press release can be consulted in the accompanying PDF on the CNH Newsroom.
- Third quarter consolidated revenue declined 22% on lower industry demand
- Third quarter diluted EPS at $0.24
- Results reflect continued execution of cost savings initiatives partially offsetting the market headwinds
- Full year 2024 guidance lowered to reflect continued weak end markets and elevated channel inventory levels
CNH Industrial N.V. (NYSE: CNH) today reported results for the three months ended September 30, 2024, with net income of $310 million and diluted earnings per share of $0.24 compared with net income of $540 million and diluted earnings per share of $0.40 for the three months ended September 30, 2023(7). Consolidated revenues were $4.65 billion (down 22% compared to Q3 2023) and Net sales of Industrial Activities were $4.00 billion (down 25% compared to Q3 2023). Net cash provided by operating activities was $791 million and Industrial Free Cash Flow absorption was $180 million in Q3 2024.
“With the current challenging market conditions facing farmers across the globe, CNH is implementing decisions to advance our transformation journey. We have focused on making the Company’s operations more efficient and on being more responsive to our customers’ needs. But dealer inventories remain elevated and will require additional efforts to align with retail demand. As we further adjust production levels while making investments in technology and quality-improving processes, we are positioning ourselves for the long term and cementing our leading position in the industry. We look forward to sharing more details of our strategy at our investor day on May 8, 2025.”
Gerrit Marx, Chief Executive Officer
Basildon, November 7, 2024