First quarter consolidated revenue declined 10%
on lower industry demand
First quarter diluted EPS at $0.31; adjusted diluted EPS at
$0.33 ($0.35 in the first quarter of 2023)
First quarter Agriculture segment adjusted EBIT margin down 200
bps year-over-year to 12.5%; Construction up 150 bps to 6.7%
Cost reduction programs on track, helping to mitigate impact of
slowing markets
Full-year guidance updated to reflect lower agriculture industry
projections
Basildon, UK - May 2, 2024 - CNH
Industrial N.V. (NYSE: CNHI) today reported results for
the three months ended March 31, 2024, with net income of $402
million and diluted earnings per share of $0.31 compared with net
income of $486 million and diluted earnings per share of $0.35 for
the three months ended March 31, 2023. Consolidated revenues were
$4.82 billion (down approximately 10% compared to Q1 2023) and Net
sales of Industrial Activities were $4.13 billion (down
approximately 14% compared to Q1 2023). Net cash used in operating
activities was $894 million and Industrial Free Cash Flow
absorption was $1,209 million in Q1.
“The CNH team navigated a declining market
environment in the first quarter, as lower industry demand
persisted especially in South America and Europe. Anticipating
these headwinds, we are continuing to improve what we can control –
production efficiency, disciplined commercial execution, judicious
SG&A reductions, and thoughtful product and technology
investments. As always, the team is meeting challenges head-on and
working diligently to deliver solutions for our customers. I would
like to thank our employees and dealers for their unwavering
support of the world’s farmers and builders.”
Scott W. Wine, Chief Executive
Officer
2024 First
Quarter Results
(all amounts $ million, comparison vs Q1 2023 -
unless otherwise stated)
|
US-GAAP |
|
|
|
Q1 2024 |
|
Q1 2023 |
|
Change |
|
Change at
c.c.(1) |
| Consolidated revenue |
|
4,818 |
|
5,342 |
|
(10)% |
|
(10)% |
|
of which Net sales of Industrial Activities |
|
4,131 |
|
4,776 |
|
(14)% |
|
(14)% |
| Net income |
|
402 |
|
486 |
|
(17)% |
|
|
| Diluted EPS $ |
|
0.31 |
|
0.35 |
|
(0.04) |
|
|
| Cash flow used in operating
activities |
|
(894) |
|
(701) |
|
(193) |
|
|
| Cash and cash
equivalents(2) |
|
3,236 |
|
4,322 |
|
(1,086) |
|
|
| Gross profit margin of
Industrial Activities |
|
22.7% |
|
24.4% |
|
(170) bps |
|
|
|
NON-GAAP(3) |
|
|
|
Q1 2024 |
|
Q1 2023 |
|
Change |
|
| Adjusted EBIT of Industrial
Activities |
|
405 |
|
555 |
|
(150) |
|
| Adjusted EBIT margin of
Industrial Activities |
|
9.8% |
|
11.6% |
|
(180) bps |
|
| Adjusted net income |
|
421 |
|
475 |
|
(54) |
|
| Adjusted diluted EPS $ |
|
0.33 |
|
0.35 |
|
(0.02) |
|
| Free cash flow of Industrial
Activities |
|
(1,209) |
|
(673) |
|
(536) |
|
Net sales of Industrial Activities were $4.13
billion, a decrease of 14% when compared to the corresponding
period from the previous year. This decline is mainly due to lower
industry demand and dealer inventory management. Price realization
continued to be favorable for Agriculture and essentially flat for
Construction.
In Q1 2024, Net income was $402 million, with
diluted earnings per share of $0.31 ($486 million and $0.35,
respectively, in Q1 2023). Adjusted net income was $421 million
with adjusted diluted earnings per share of $0.33. In comparison,
in Q1 2023, adjusted net income was $475 million with adjusted
diluted earnings per share of $0.35.
Gross profit margin of Industrial Activities was
22.7% (24.4% in Q1 2023). The decrease was driven by the
Agriculture segment, whose margin was impacted by lower production
volumes only partially compensated by price realization and
production cost efficiencies. Construction gross profit margin
increased across all regions for an aggregate improvement of 150
basis points.
Reported income tax expense was $77 million
($173 million in Q1 2023), and the effective tax rate (ETR) was
19.2% (27.6% in Q1 2023) with an adjusted ETR(3) of 19.4% for the
first quarter of 2024 (27.9% in Q1 2023). The Company now forecasts
full year 2024 adjusted ETR to be in the range of 24-26%.
Cash flow used in operating activities in the
quarter was $894 million ($701 million in Q1 2023). Free cash flow
absorption of Industrial Activities was $1,209 million mainly due
to seasonal inventory growth. Consolidated third party debt was
$27.8 billion as of March 31, 2024 ($27.3 billion as of
December 31, 2023).
The Company’s restructuring program continues to
progress according to plan, and CNH expects a run rate reduction of
10-15% on total labor and non-labor SG&A expenses. The Company
has incurred a total of $78 million of restructuring charges
through Q1 2024, of which $53 million was in 2023, and expects to
incur up to $200 million in total.
|
Agriculture |
|
|
|
Q1 2024 |
|
Q1 2023 |
|
Change |
|
Change at
c.c.(1) |
| Net sales ($ million) |
|
3,373 |
|
3,927 |
|
(14)% |
|
(15)% |
| Adjusted EBIT ($ million) |
|
421 |
|
570 |
|
(149) |
|
|
| Adjusted EBIT margin |
|
12.5% |
|
14.5% |
|
(200) bps |
|
|
In North America, industry volume was down 15%
year-over-year in the first quarter for tractors under 140 HP and
was down 2% for tractors over 140 HP; combines were down 17%. In
Europe, Middle East and Africa (EMEA), tractor and combine demand
was down 15% and down 24%, respectively. South America tractor
demand was down 18% and combine demand was down 40% continuing the
negative trend of the second half of 2023. Asia Pacific tractor
demand was down 12% while combine demand was up 16% in the region
as a whole, but down 22% in Australia and New Zealand.
Agriculture net sales decreased for the quarter
by 14% to $3.37 billion primarily due to lower industry volume
across all regions and dealer inventory management, partially
offset by favorable price realization.
Gross profit margin was 23.8% (26.2% in Q1 2023)
down 240 bps as a result of lower production volume and unfavorable
mix; partially offset by improved price realization, along with
lower purchasing and manufacturing costs.
Adjusted EBIT decreased to $421 million
($570 million in Q1 2023) driven by the lower volumes,
partially offset by improved purchasing and manufacturing costs,
and a continued reduction in SG&A expenses. R&D investments
accounted for 6.0% of sales (5.3% in Q1 2023). Income from
unconsolidated subsidiaries increased $42 million year-over-year.
Adjusted EBIT margin was 12.5% (14.5% in Q1 2023).
|
Construction |
|
|
|
Q1 2024 |
|
Q1 2023 |
|
Change |
|
Change at
c.c.(1) |
| Net sales ($ million) |
|
758 |
|
849 |
|
(11)% |
|
(11)% |
| Adjusted EBIT ($ million) |
|
51 |
|
44 |
|
+7 |
|
|
| Adjusted EBIT margin |
|
6.7% |
|
5.2% |
|
+150 bps |
|
|
Global industry volume for construction
equipment decreased 1% year-over-year in the first quarter for
Heavy construction equipment; Light construction equipment was down
8%. Aggregated demand decreased 14% in EMEA, decreased 6% in North
America, decreased 10% in South America and increased 3% in Asia
Pacific.
CNH Construction net sales decreased for the
quarter by 11% to $758 million, due to lower volume across all
regions driven mainly by lower market demand.
Gross profit margin was 17.4%, up 150 bps
compared to Q1 2023, mainly due to better purchasing and
manufacturing costs, partially offset by unfavorable mix.
Adjusted EBIT was $51 million, an increase of
$7 million from $44 million in Q1 2023, as a result of
improved product costs and lower SG&A expenses, partially
offset by the lower volumes. Adjusted EBIT margin at 6.7% increased
by 150 bps year-over-year.
|
Financial Services |
|
|
|
Q1 2024 |
|
Q1 2023 |
|
Change |
|
Change at
c.c.(1) |
| Revenue ($ million) |
|
685 |
|
549 |
|
+25% |
|
+23% |
| Net income ($ million) |
|
118 |
|
78 |
|
+40 |
|
|
| Equity at quarter-end ($
million) |
|
2,813 |
|
2,346 |
|
+467 |
|
|
| Retail loan originations ($
million) |
|
2,504 |
|
2,249 |
|
+11% |
|
|
Revenues of Financial Services increased 25% due
to favorable volumes and yields across all regions, partially
offset by lower used equipment sales due to decreased operating
lease maturities.
Net income was $118 million in the first
quarter of 2024, an increase of $40 million compared to the
same quarter of 2023, primarily due to favorable volumes in all
regions, margin improvement in South America, and a favorable
effective tax rate due to discrete items in the quarter; partially
offset by increased risk costs due to higher aged delinquencies in
South America.
The managed portfolio (including unconsolidated
joint ventures) was $28.7 billion as of March 31, 2024 (of which
retail was 65% and wholesale was 35%), up $4.2 billion compared to
March 31, 2023 (up $4.3 billion on a constant currency basis).
At March 31, 2024, the receivables balance
greater than 30 days past due as a percentage of receivables was
1.7% (1.4% as of March 31, 2023).
2024 Outlook
The Company forecasts that 2024 global industry
retail sales will be lower in both the agriculture and construction
equipment markets when compared to 2023. In the aggregate for key
markets where the Company competes, CNH previously estimated
agriculture industry retail sales to be down between 10-15% but now
projects industry volumes down approximately 15%, at the low end of
the previous range. Construction equipment industry retail sales
are still expected to be down around 10% when compared to 2023.
CNH is continuing its efforts to improve
through-cycle margins with its previously announced cost reduction
programs focused on product costs and SG&A expenses. Both
programs are progressing as planned and are expected to partially
offset the impact of the lower industry demand.
As a result of the lower agriculture industry sales projections,
the Company is updating its 2024 outlook as follows:
- Agriculture segment
net sales(5) down between 11% and 15% year-over-year including
currency translation effects (from down 8% to 12% previously)
- Agriculture segment
adjusted EBIT margin between 13.5% and 14.5% (from between 14.0%
and 15.0% previously)
- Construction segment
net sales(5) down between 7% and 11% year-over-year including
currency translation effects (unchanged)
- Construction segment
adjusted EBIT margin between 5.0% and 6.0% (unchanged)
- Free Cash Flow of
Industrial Activities(6) between $1.1 and $1.3 billion (from
between $1.2 to $1.4 billion previously)
- Adjusted diluted
EPS(6) between $1.45 to $1.55 (from between $1.50 to $1.60
previously)
Notes
CNH reports quarterly and annual consolidated
financial results under U.S. GAAP and annual consolidated financial
results under EU-IFRS. The tables and discussion related to the
financial results of the Company and its segments shown in this
press release are prepared in accordance with U.S. GAAP.
- c.c. means at
constant currency.
- Comparison vs.
December 31, 2023
- This item is a
non-GAAP financial measure. Refer to the “Non-GAAP Financial
Information” section of this press release for information
regarding non-GAAP financial measures. Refer to the specific table
in the “Other Supplemental Financial Information” section of this
press release for the reconciliation between the non-GAAP financial
measure and the most comparable GAAP financial measure.
- Certain
financial information in this report has been presented by
geographic area. Our geographical regions are: (a) North America;
(b) Europe, Middle East and Africa (“EMEA”); (c) South America and
(d) Asia Pacific. The geographic designations have the following
meanings:
- North America:
United States, Canada, and Mexico;
- Europe, Middle
East, and Africa: member countries of the European Union, European
Free Trade Association, the United Kingdom, Ukraine and Balkans,
Russia, Turkey, Uzbekistan, Pakistan, the African continent, and
the Middle East;
- South America:
Central and South America, and the Caribbean Islands; and
- Asia Pacific:
Continental Asia (including the India subcontinent), Indonesia and
Oceania.
- Net sales
reflecting the exchange rate of 1.09 EUR/USD.
- 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.
Non-GAAP Financial
Information
CNH monitors its operations through the use of
several non-GAAP financial measures. CNH’s management believes that
these non-GAAP financial measures provide useful and relevant
information regarding its operating results and enhance the
readers’ ability to assess CNH’s financial performance and
financial position. Management uses these non-GAAP measures to
identify operational trends, as well as make decisions regarding
future spending, resource allocations and other operational
decisions as they provide additional transparency with respect to
our core operations. These non-GAAP financial measures have no
standardized meaning under U.S. GAAP and are unlikely to be
comparable to other similarly titled measures used by other
companies and are not intended to be substitutes for measures of
financial performance and financial position as prepared in
accordance with U.S. GAAP.
CNH’s non-GAAP financial measures are defined as
follows:
-
Adjusted EBIT of Industrial Activities under U.S. GAAP is defined
as net income (loss) before the following items: Income taxes,
Financial Services’ results, Industrial Activities’ interest
expenses, net, foreign exchange gains/losses, finance and
non-service component of pension and other post-employment benefit
costs, restructuring expenses, and certain non-recurring items. In
particular, non-recurring items are specifically disclosed items
that management considers rare or discrete events that are
infrequent in nature and not reflective of on-going operational
activities.
-
Adjusted EBIT Margin of Industrial Activities: is computed by
dividing Adjusted EBIT of Industrial Activities by Net Sales of
Industrial Activities.
-
Adjusted Net Income (Loss): is defined as net income (loss), less
restructuring charges and non-recurring items, after tax.
-
Adjusted Diluted EPS: is computed by dividing Adjusted Net Income
(loss) attributable to CNH Industrial N.V. by a weighted average
number of common shares outstanding during the period that takes
into consideration potential common shares outstanding deriving
from the CNH share-based payment awards, when inclusion is not
anti-dilutive. When we provide guidance for adjusted diluted EPS,
we do not provide guidance on an earnings per share basis because
the GAAP measure will include potentially significant items that
have not yet occurred and are difficult to predict with reasonable
certainty prior to year-end.
-
Adjusted Income Tax (Expense) Benefit: is defined as income taxes
less the tax effect of restructuring expenses and non-recurring
items, and non-recurring tax charges or benefits.
-
Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing
a) adjusted income taxes by b) income (loss) before income taxes
and equity in income of unconsolidated subsidiaries and affiliates,
less restructuring expenses and non-recurring items.
-
Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net
Cash (Debt) is defined as total debt less intersegment notes
receivable, cash and cash equivalents, restricted cash, other
current financial assets (primarily current securities, short-term
deposits and investments towards high-credit rating counterparties)
and derivative hedging debt. CNH provides the reconciliation of Net
Cash (Debt) to Total (Debt), which is the most directly comparable
measure included in the consolidated balance sheets. Due to
different sources of cash flows used for the repayment of the debt
between Industrial Activities and Financial Services (by cash from
operations for Industrial Activities and by collection of financing
receivables for Financial Services), management separately
evaluates the cash flow performance of Industrial Activities using
Net Cash (Debt) of Industrial Activities.
-
Free Cash Flow of Industrial Activities (or Industrial Free Cash
Flow): refers to Industrial Activities only, and is computed as
consolidated cash flow from operating activities less: cash flow
from operating activities of Financial Services; investments of
Industrial Activities in assets sold under operating leases,
property, plant and equipment and intangible assets; change in
derivatives hedging debt of Industrial Activities; as well as other
changes and intersegment eliminations.
-
Change excl. FX or Constant Currency: CNH discusses the
fluctuations in revenues on a constant currency basis by applying
the prior year average exchange rates to current year’s revenues
expressed in local currency in order to eliminate the impact of
foreign exchange rate fluctuations.
The tables attached to this press release
provide reconciliations of the non-GAAP measures used in this press
release to the most directly comparable GAAP measures.
Forward-looking Statements
All statements other than statements of
historical fact contained in this press release including
competitive strengths; business strategy; future financial position
or operating results; budgets; projections with respect to revenue,
income, earnings (or loss) per share, capital expenditures,
dividends, liquidity, capital structure or other financial items;
costs; and plans and objectives of management regarding operations
and products, are forward-looking statements. Forward-looking
statements also include statements regarding the future performance
of CNH and its subsidiaries on a standalone basis. These statements
may include terminology such as “may”, “will”, “expect”, “could”,
“should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”,
“continue”, “remain”, “on track”, “design”, “target”, “objective”,
“goal”, “forecast”, “projection”, “prospects”, “plan”, or similar
terminology. Forward-looking statements are not guarantees of
future performance. Rather, they are based on current views and
assumptions and involve known and unknown risks, uncertainties and
other factors, many of which are outside our control and are
difficult to predict. If any of these risks and uncertainties
materialize (or they occur with a degree of severity that the
Company is unable to predict) or other assumptions underlying any
of the forward-looking statements prove to be incorrect, including
any assumptions regarding strategic plans, the actual results or
developments may differ materially from any future results or
developments expressed or implied by the forward-looking
statements.
Factors, risks and uncertainties that could
cause actual results to differ materially from those contemplated
by the forward-looking statements include, among others: economic
conditions in each of our markets, including the significant
uncertainty caused by geopolitical events; production and supply
chain disruptions, including industry capacity constraints,
material availability, and global logistics delays and constraints;
the many interrelated factors that affect consumer confidence and
worldwide demand for capital goods and capital goods-related
products, changes in government policies regarding banking,
monetary and fiscal policy; legislation, particularly pertaining to
capital goods-related issues such as agriculture, the environment,
debt relief and subsidy program policies, trade and commerce and
infrastructure development; government policies on international
trade and investment, including sanctions, import quotas, capital
controls and tariffs; volatility in international trade caused by
the imposition of tariffs, sanctions, embargoes, and trade wars;
actions of competitors in the various industries in which we
compete; development and use of new technologies and technological
difficulties; the interpretation of, or adoption of new, compliance
requirements with respect to engine emissions, safety or other
aspects of our products; labor relations; interest rates and
currency exchange rates; inflation and deflation; energy prices;
prices for agricultural commodities and material price increases;
housing starts and other construction activity; our ability to
obtain financing or to refinance existing debt; price pressure on
new and used equipment; the resolution of pending litigation and
investigations on a wide range of topics, including dealer and
supplier litigation, intellectual property rights disputes, product
warranty and defective product claims, and emissions and/or fuel
economy regulatory and contractual issues; security breaches,
cybersecurity attacks, technology failures, and other disruptions
to the information technology infrastructure of CNH and its
suppliers and dealers; security breaches with respect to our
products; our pension plans and other post-employment obligations;
political and civil unrest; volatility and deterioration of capital
and financial markets, including pandemics (such as the COVID-19
pandemic), terrorist attacks in Europe and elsewhere; the
remediation of a material weakness; our ability to realize the
anticipated benefits from our business initiatives as part of our
strategic plan; including targeted restructuring actions to
optimize our cost structure and improve the efficiency of our
operations; our failure to realize, or a delay in realizing, all of
the anticipated benefits of our acquisitions, joint ventures,
strategic alliances or divestitures and other similar risks and
uncertainties, and our success in managing the risks involved in
the foregoing.
Forward-looking statements are based upon
assumptions relating to the factors described in this press
release, which are sometimes based upon estimates and data received
from third parties. Such estimates and data are often revised.
Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many
of which are outside CNH’s control. CNH expressly disclaims any
intention or obligation to provide, update or revise any
forward-looking statements in this announcement to reflect any
change in expectations or any change in events, conditions or
circumstances on which these forward-looking statements are
based.
Further information concerning CNH, including
factors that potentially could materially affect its financial
results, is included in the Company’s reports and filings with the
U.S. Securities and Exchange Commission ("SEC").
All future written and oral forward-looking
statements by CNH or persons acting on the behalf of CNH are
expressly qualified in their entirety by the cautionary statements
contained herein or referred to above.
Additional factors could cause actual results to
differ from those expressed or implied by the forward-looking
statements included in the Company’s filings with the SEC
(including, but not limited to, the factors discussed in our 2023
Annual Report and subsequent quarterly reports).
Conference Call and Webcast
Today, at 9:00 a.m. EDT (2:00 p.m. BST / 3:00 p.m. CEST),
management will hold a conference call to present first quarter
2024 results to financial analysts and investors. The call can be
followed live online at https://bit.ly/CNH_Q1_2024 and a
recording will be available later on the Company’s website
www.cnh.com. A presentation will be made available on the CNH
website prior to the conference call.
CONTACTS
Media Inquiries – Laura Overall
Tel +44 207 925 1964 or Rebecca Fabian Tel +1 312 515 2249 (Email
mediarelations@cnh.com)
Investor Relations – Jason
Omerza Tel +1 630 740 8079 or Federico Pavesi Tel +39 345 605 6218
(Email investor.relations@cnh.com)
CNH INDUSTRIAL N.V.Consolidated
Statements of Operations for the Three Months
Ended March 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Revenues |
|
|
|
|
|
Net sales |
|
4,131 |
|
4,776 |
|
Finance, interest and other income |
|
687 |
|
566 |
| Total
Revenues |
|
4,818 |
|
5,342 |
| Costs and
Expenses |
|
|
|
|
|
Cost of goods sold |
|
3,195 |
|
3,611 |
|
Selling, general and administrative expenses |
|
411 |
|
438 |
|
Research and development expenses |
|
228 |
|
231 |
|
Restructuring expenses |
|
31 |
|
1 |
|
Interest expense |
|
394 |
|
272 |
|
Other, net |
|
157 |
|
163 |
| Total Costs and
Expenses |
|
4,416 |
|
4,716 |
| |
|
|
|
|
| Income (loss) of Consolidated
Group before Income Taxes |
|
402 |
|
626 |
| Income tax (expense)
benefit |
|
(77) |
|
(173) |
| Equity in income (loss) of
unconsolidated subsidiaries and affiliates |
|
77 |
|
33 |
| Net Income
(loss) |
|
402 |
|
486 |
| Net income attributable to
noncontrolling interests |
|
1 |
|
4 |
| Net Income (loss)
attributable to CNH Industrial N.V. |
|
401 |
|
482 |
| |
|
|
|
|
| Earnings (loss) per
share attributable to CNH Industrial N.V. |
|
|
|
|
| Basic |
|
0.32 |
|
0.36 |
| Diluted |
|
0.31 |
|
0.35 |
| Weighted average
shares outstanding (in millions) |
|
|
|
|
| Basic |
|
1,260 |
|
1,342 |
| Diluted |
|
1,274 |
|
1,359 |
| |
|
|
|
|
| Cash dividends
declared per common share |
|
— |
|
— |
These Consolidated Statements of Operations
should be read in conjunction with the Company’s Audited
Consolidated Financial Statements and Notes for the Year Ended
December 31, 2023 included in the Annual Report on Form 10-K. These
Consolidated Statements of Operations represent the consolidation
of all CNH Industrial N.V. subsidiaries.
CNH INDUSTRIAL N.V.Consolidated Balance
Sheets as of March 31, 2024
and December 31, 2023(Unaudited,
U.S. GAAP)
|
($ million) |
|
March 31, 2024 |
|
December 31, 2023 |
| Assets |
|
|
|
|
| Cash and cash equivalents |
|
3,236 |
|
4,322 |
| Restricted cash |
|
723 |
|
723 |
| Financing receivables,
net |
|
24,120 |
|
24,249 |
| Financial receivables from
Iveco Group N.V. |
|
230 |
|
380 |
| Inventories, net |
|
6,189 |
|
5,545 |
| Property, plant and equipment,
net and equipment under operating lease |
|
3,277 |
|
3,330 |
| Intangible assets, net |
|
4,868 |
|
4,906 |
| Other receivables and
assets |
|
3,083 |
|
2,896 |
| Total
Assets |
|
45,726 |
|
46,351 |
| Liabilities and
Equity |
|
|
|
|
| Debt |
|
27,780 |
|
27,326 |
| Financial payables to Iveco
Group N.V. |
|
70 |
|
146 |
| Other payables and
liabilities |
|
9,864 |
|
10,645 |
| Total
Liabilities |
|
37,714 |
|
38,117 |
| Redeemable noncontrolling
interest |
|
57 |
|
54 |
| Equity |
|
7,955 |
|
8,180 |
| Total Liabilities and
Equity |
|
45,726 |
|
46,351 |
These Consolidated Balance Sheets should be read
in conjunction with the Company’s Audited Consolidated Financial
Statements and Notes for the year ended December 31, 2023 included
in the Annual Report on Form 10-K. These Consolidated Balance
Sheets represent the consolidation of all CNH Industrial N.V.
subsidiaries.
CNH INDUSTRIAL N.V.Consolidated
Statement of Cash Flows for the Three Months Ended
March 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Cash Flows from
Operating Activities |
|
|
|
|
| Net income (loss) |
|
402 |
|
486 |
| Adjustments to reconcile net
income to net cash provided (used) by operating activities: |
|
|
|
|
|
Depreciation and amortization expense excluding assets under
operating lease |
|
103 |
|
86 |
|
Depreciation and amortization expense of assets under operating
lease |
|
45 |
|
46 |
|
(Gain) loss from disposal of assets |
|
— |
|
6 |
|
Undistributed (income) loss of unconsolidated subsidiaries |
|
(77) |
|
9 |
|
Other non-cash items |
|
57 |
|
32 |
| Changes in operating assets
and liabilities: |
|
|
|
|
|
Provisions |
|
(39) |
|
113 |
|
Deferred income taxes |
|
(18) |
|
(52) |
|
Trade and financing receivables related to sales, net |
|
(22) |
|
(355) |
|
Inventories, net |
|
(681) |
|
(1,057) |
|
Trade payables |
|
(332) |
|
172 |
|
Other assets and liabilities |
|
(332) |
|
(187) |
| Net cash provided (used) by
operating activities |
|
(894) |
|
(701) |
| Cash Flows from
Investing Activities |
|
|
|
|
|
Additions to retail receivables |
|
(1,769) |
|
(1,601) |
|
Collections of retail receivables |
|
1,476 |
|
1,376 |
|
Proceeds from sale of assets, net of assets sold under operating
leases |
|
— |
|
— |
|
Expenditures for property, plant and equipment and intangible
assets, net of assets under operating lease |
|
(96) |
|
(90) |
|
Expenditures for assets under operating lease |
|
(106) |
|
(107) |
|
Other, net |
|
76 |
|
(327) |
| Net cash provided (used) by
investing activities |
|
(419) |
|
(749) |
| Cash Flows from
Financing Activities |
|
|
|
|
|
Net increase (decrease) in debt |
|
901 |
|
375 |
|
Dividends paid |
|
(1) |
|
(1) |
|
Other |
|
(581) |
|
(71) |
| Net cash provided (used) by
financing activities |
|
319 |
|
303 |
| Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(92) |
|
23 |
| Net increase
(decrease) in cash, cash equivalents and restricted
cash |
|
(1,086) |
|
(1,124) |
| Cash, cash equivalents
and restricted cash, beginning of year |
|
5,045 |
|
5,129 |
| Cash, cash equivalents
and restricted cash, end of period |
|
3,959 |
|
4,005 |
These Consolidated Statements of Cash Flow
should be read in conjunction with the Company’s Audited
Consolidated Financial Statements and Notes for the year ended
December 31, 2023 included in the Annual Report on Form 10-K. These
Consolidated Statements of Cash Flows represent the consolidation
of all CNH Industrial N.V. subsidiaries.
CNH INDUSTRIAL N.V.Supplemental
Statements of Operations for the Three Months
Ended March 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended March 31, 2024 |
|
Three Months Ended March 31, 2023 |
|
($ million) |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
4,131 |
|
— |
|
— |
|
4,131 |
|
4,776 |
|
— |
|
— |
|
4,776 |
| Finance, interest and other
income |
|
42 |
|
685 |
|
(40) |
(2) |
687 |
|
57 |
|
549 |
|
(40) |
(2) |
566 |
| Total
Revenues |
|
4,173 |
|
685 |
|
(40) |
|
4,818 |
|
4,833 |
|
549 |
|
(40) |
|
5,342 |
| Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of goods sold |
|
3,195 |
|
— |
|
— |
|
3,195 |
|
3,611 |
|
— |
|
— |
|
3,611 |
| Selling, general and
administrative expenses |
|
342 |
|
69 |
|
— |
|
411 |
|
387 |
|
51 |
|
— |
|
438 |
| Research and development
expenses |
|
228 |
|
— |
|
— |
|
228 |
|
231 |
|
— |
|
— |
|
231 |
| Restructuring expenses |
|
30 |
|
1 |
|
— |
|
31 |
|
1 |
|
— |
|
— |
|
1 |
| Interest expense |
|
74 |
|
360 |
|
(40) |
(3) |
394 |
|
61 |
|
251 |
|
(40) |
(3) |
272 |
| Other, net |
|
34 |
|
123 |
|
— |
|
157 |
|
20 |
|
143 |
|
— |
|
163 |
| Total Costs and
Expenses |
|
3,903 |
|
553 |
|
(40) |
|
4,416 |
|
4,311 |
|
445 |
|
(40) |
|
4,716 |
| Income (loss) of Consolidated
Group before Income Taxes |
|
270 |
|
132 |
|
— |
|
402 |
|
522 |
|
104 |
|
— |
|
626 |
| Income tax (expense)
benefit |
|
(58) |
|
(19) |
|
— |
|
(77) |
|
(144) |
|
(29) |
|
— |
|
(173) |
| Equity in income (loss) of
unconsolidated subsidiaries and affiliates |
|
72 |
|
5 |
|
— |
|
77 |
|
30 |
|
3 |
|
— |
|
33 |
| Net Income
(loss) |
|
284 |
|
118 |
|
— |
|
402 |
|
408 |
|
78 |
|
— |
|
486 |
(1)Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2)Elimination of Financial
Services’ interest income earned from Industrial
Activities.(3)Elimination of Industrial Activities’ interest
expense to Financial Services.
CNH INDUSTRIAL N.V.Supplemental Balance
Sheets as of March 31, 2024
and December 31, 2023(Unaudited,
U.S. GAAP)
| |
|
March 31, 2024 |
|
December 31, 2023 |
|
($ million) |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
2,666 |
|
570 |
|
— |
|
3,236 |
|
3,532 |
|
790 |
|
— |
|
4,322 |
| Restricted cash |
|
94 |
|
629 |
|
— |
|
723 |
|
96 |
|
627 |
|
— |
|
723 |
| Financing receivables,
net |
|
281 |
|
24,327 |
|
(488) |
(2) |
24,120 |
|
393 |
|
24,539 |
|
(683) |
(2) |
24,249 |
| Financial receivables from
Iveco Group N.V. |
|
188 |
|
42 |
|
— |
|
230 |
|
302 |
|
78 |
|
— |
|
380 |
| Inventories, net |
|
6,161 |
|
28 |
|
— |
|
6,189 |
|
5,522 |
|
23 |
|
— |
|
5,545 |
| Property, plant and equipment,
net and equipment on operating lease |
|
1,934 |
|
1,343 |
|
— |
|
3,277 |
|
1,951 |
|
1,379 |
|
— |
|
3,330 |
| Intangible assets, net |
|
4,704 |
|
164 |
|
— |
|
4,868 |
|
4,739 |
|
167 |
|
— |
|
4,906 |
| Other receivables and
assets |
|
2,882 |
|
528 |
|
(327) |
(3) |
3,083 |
|
2,706 |
|
536 |
|
(346) |
(3) |
2,896 |
| Total
Assets |
|
18,910 |
|
27,631 |
|
(815) |
|
45,726 |
|
19,241 |
|
28,139 |
|
(1,029) |
|
46,351 |
| Liabilities and
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt |
|
5,109 |
|
23,305 |
|
(634) |
(2) |
27,780 |
|
4,433 |
|
23,721 |
|
(828) |
(2) |
27,326 |
| Financial Payables to Iveco
Group N.V. |
|
4 |
|
66 |
|
— |
|
70 |
|
6 |
|
140 |
|
— |
|
146 |
| Other payables and
liabilities |
|
8,598 |
|
1,447 |
|
(181) |
(3) |
9,864 |
|
9,357 |
|
1,489 |
|
(201) |
(3) |
10,645 |
| Total
Liabilities |
|
13,711 |
|
24,818 |
|
(815) |
|
37,714 |
|
13,796 |
|
25,350 |
|
(1,029) |
|
38,117 |
| Redeemable noncontrolling
interest |
|
57 |
|
— |
|
— |
|
57 |
|
54 |
|
— |
|
— |
|
54 |
| Equity |
|
5,142 |
|
2,813 |
|
— |
|
7,955 |
|
5,391 |
|
2,789 |
|
— |
|
8,180 |
| Total Liabilities and
Equity |
|
18,910 |
|
27,631 |
|
(815) |
|
45,726 |
|
19,241 |
|
28,139 |
|
(1,029) |
|
46,351 |
(1)Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2)This item includes the
elimination of receivables/payables between Industrial Activities
and Financial Services.(3)This item primarily represents the
reclassification of deferred tax assets/liabilities in the same
taxing jurisdiction and elimination of intercompany activity
between Industrial Activities and Financial Services.
CNH INDUSTRIAL N.V.Supplemental
Statements of Cash Flows for the Three Months
Ended March 31, 2024 and
2023(Unaudited, U.S. GAAP)
| |
|
Three Months Ended March 31, 2024 |
|
Three Months Ended March 31, 2023 |
|
($ million) |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
|
Industrial
Activities(1) |
|
Financial Services |
|
Eliminations |
|
Consolidated |
| Cash Flows from
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
284 |
|
118 |
|
— |
|
402 |
|
408 |
|
78 |
|
— |
|
486 |
| Adjustments to reconcile net
income to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense excluding assets under
operating lease |
|
102 |
|
1 |
|
— |
|
103 |
|
85 |
|
1 |
|
— |
|
86 |
| Depreciation and amortization
expense of assets under operating lease |
|
2 |
|
43 |
|
— |
|
45 |
|
1 |
|
45 |
|
— |
|
46 |
| (Gain) loss from disposal of
assets, net |
|
— |
|
— |
|
— |
|
— |
|
6 |
|
— |
|
— |
|
6 |
| Undistributed (income) loss of
unconsolidated subsidiaries |
|
(12) |
|
(5) |
|
(60) |
(2) |
(77) |
|
12 |
|
(3) |
|
— |
|
9 |
| Other non-cash items, net |
|
20 |
|
37 |
|
— |
|
57 |
|
14 |
|
18 |
|
— |
|
32 |
| Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions |
|
(40) |
|
1 |
|
— |
|
(39) |
|
114 |
|
(1) |
|
— |
|
113 |
| Deferred income taxes |
|
17 |
|
(35) |
|
— |
|
(18) |
|
(56) |
|
4 |
|
— |
|
(52) |
| Trade and financing
receivables related to sales, net |
|
(25) |
|
6 |
|
(3) |
(3) |
(22) |
|
9 |
|
(365) |
|
1 |
|
(355) |
| Inventories, net |
|
(761) |
|
80 |
|
— |
|
(681) |
|
(1,150) |
|
93 |
|
— |
|
(1,057) |
| Trade payables |
|
(307) |
|
(28) |
|
3 |
(3) |
(332) |
|
203 |
|
(31) |
|
— |
|
172 |
| Other assets and
liabilities |
|
(372) |
|
40 |
|
— |
|
(332) |
|
(189) |
|
3 |
|
(1) |
(3) |
(187) |
| Net cash provided (used) by
operating activities |
|
(1,092) |
|
258 |
|
(60) |
|
(894) |
|
(543) |
|
(158) |
|
— |
|
(701) |
| Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additions to retail
receivables |
|
— |
|
(1,769) |
|
— |
|
(1,769) |
|
— |
|
(1,601) |
|
— |
|
(1,601) |
| Collections of retail
receivables |
|
— |
|
1,476 |
|
— |
|
1,476 |
|
— |
|
1,376 |
|
— |
|
1,376 |
| Proceeds from sale of assets
excluding assets sold under operating leases |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| Expenditures for property,
plant and equipment and intangible assets excluding assets under
operating lease |
|
(96) |
|
— |
|
— |
|
(96) |
|
(90) |
|
— |
|
— |
|
(90) |
| Expenditures for assets under
operating lease |
|
(4) |
|
(102) |
|
— |
|
(106) |
|
(4) |
|
(103) |
|
— |
|
(107) |
| Other, net |
|
123 |
|
(46) |
|
(1) |
|
76 |
|
(345) |
|
18 |
|
— |
|
(327) |
| Net cash provided (used) by
investing activities |
|
23 |
|
(441) |
|
(1) |
|
(419) |
|
(439) |
|
(310) |
|
— |
|
(749) |
| Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in
debt |
|
853 |
|
48 |
|
— |
|
901 |
|
20 |
|
355 |
|
— |
|
375 |
| Dividends paid |
|
(1) |
|
(60) |
|
60 |
(2) |
(1) |
|
(1) |
|
— |
|
— |
|
(1) |
| Other |
|
(581) |
|
(1) |
|
1 |
|
(581) |
|
(71) |
|
— |
|
— |
|
(71) |
| Net cash provided (used) by
financing activities |
|
271 |
|
(13) |
|
61 |
|
319 |
|
(52) |
|
355 |
|
— |
|
303 |
| Effect of foreign
exchange rate changes on cash, cash equivalents and restricted
cash |
|
(70) |
|
(22) |
|
— |
|
(92) |
|
23 |
|
— |
|
— |
|
23 |
| Net increase
(decrease) in cash and cash equivalents |
|
(868) |
|
(218) |
|
— |
|
(1,086) |
|
(1,011) |
|
(113) |
|
— |
|
(1,124) |
| Cash and cash
equivalents, beginning of year |
|
3,628 |
|
1,417 |
|
— |
|
5,045 |
|
3,960 |
|
1,169 |
|
— |
|
5,129 |
| Cash and cash
equivalents, end of period |
|
2,760 |
|
1,199 |
|
— |
|
3,959 |
|
2,949 |
|
1,056 |
|
— |
|
4,005 |
(1)Industrial Activities represents the
enterprise without Financial Services. Industrial Activities
includes the Company’s Agriculture and Construction segments, and
other corporate assets, liabilities, revenues and expenses not
reflected within Financial Services.(2)This item includes the
elimination of dividends from Financial Services to Industrial
Activities, which are included in Industrial Activities net cash
used in operating activities.(3)This item includes the elimination
of certain minor activities between Industrial Activities and
Financial Services.
Other Supplemental Financial Information
(Unaudited)
|
Adjusted EBIT of Industrial Activities by
Segment |
|
|
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Industrial Activities
segments |
|
|
|
|
| Agriculture |
|
421 |
|
570 |
| Construction |
|
51 |
|
44 |
| Unallocated items,
eliminations and other |
|
(67) |
|
(59) |
| Total Adjusted EBIT of
Industrial Activities |
|
405 |
|
555 |
|
Reconciliation of Consolidated Net Income under U.S. GAAP
to Adjusted EBIT of Industrial Activities |
| |
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Net
Income |
|
402 |
|
486 |
| Less: Consolidated income tax
expense |
|
(77) |
|
(173) |
| Consolidated income
before taxes |
|
479 |
|
659 |
| Less: Financial Services |
|
|
|
|
|
Financial Services Net Income |
|
118 |
|
78 |
|
Financial Services Income Taxes |
|
19 |
|
29 |
| Add back of the following
Industrial Activities items: |
|
|
|
|
|
Interest expense of Industrial Activities, net of Interest income
and eliminations |
|
32 |
|
4 |
|
Foreign exchange (gains) losses, net of Industrial Activities |
|
— |
|
6 |
|
Finance and non-service component of Pension and other
post-employment benefit costs of Industrial Activities (1) |
|
1 |
|
(1) |
| Adjustments for the following
Industrial Activities items: |
|
|
|
|
|
Restructuring expenses |
|
30 |
|
1 |
|
Other discrete items(2) |
|
— |
|
(7) |
| Total Adjusted EBIT of
Industrial Activities |
|
405 |
|
555 |
(1) In the three months ended March 31, 2024 and
2023, this item includes the pre-tax gain of $6 million and
$6 million as a result of the amortization over the 4 years of
the $101 million positive impact from the 2021 modifications
of a healthcare plan in the U.S.
(2) In the three months ended March 31, 2024
this item did not include any discrete items. In the three months
ended March 31, 2023 this item included a gain of $13 million in
relation to the fair value remeasurement of Augmenta and Bennamann,
partially offset by a $6 million loss on the sale of our Russia
Financial Services business.
Other Supplemental Financial Information
(Unaudited)
|
Reconciliation of Total (Debt) to Net Cash (Debt) under
U.S. GAAP |
| |
|
Consolidated |
|
Industrial Activities |
|
Financial Services |
|
($ million) |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2024 |
|
December 31, 2023 |
| Third party (debt) |
|
(27,780) |
|
(27,326) |
|
(4,891) |
|
(4,132) |
|
(22,889) |
|
(23,194) |
| Intersegment notes
payable |
|
— |
|
— |
|
(218) |
|
(301) |
|
(416) |
|
(527) |
| Financial payables to Iveco
Group N.V. |
|
(70) |
|
(146) |
|
(4) |
|
(6) |
|
(66) |
|
(140) |
| Total
(Debt)(1) |
|
(27,850) |
|
(27,472) |
|
(5,113) |
|
(4,439) |
|
(23,371) |
|
(23,861) |
| Cash and cash equivalents |
|
3,236 |
|
4,322 |
|
2,666 |
|
3,532 |
|
570 |
|
790 |
| Restricted cash |
|
723 |
|
723 |
|
94 |
|
96 |
|
629 |
|
627 |
| Intersegment notes
receivable |
|
— |
|
— |
|
416 |
|
527 |
|
218 |
|
301 |
| Financial receivables from
Iveco Group N.V. |
|
230 |
|
380 |
|
188 |
|
302 |
|
42 |
|
78 |
| Derivatives hedging debt |
|
(59) |
|
(41) |
|
(33) |
|
(34) |
|
(26) |
|
(7) |
| Net Cash
(Debt)(2) |
|
(23,720) |
|
(22,088) |
|
(1,782) |
|
(16) |
|
(21,938) |
|
(22,072) |
(1)Total (Debt) of Industrial Activities
includes Intersegment notes payable to Financial Services of
$218 million and $301 million as of March 31, 2024
and December 31, 2023, respectively. Total (Debt) of Financial
Services includes Intersegment notes payable to Industrial
Activities of $(416) million and $(527) million as of
March 31, 2024 and December 31, 2023, respectively.(2)The
net intersegment receivable/(payable) balance recorded by Financial
Services relating to Industrial Activities was $(198) million
and $(226) million as of March 31, 2024 and
December 31, 2023, respectively.
|
Reconciliation of Net Cash Provided (Used) by Operating
Activities to Free Cash Flow of Industrial Activities under U.S.
GAAP |
| |
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Net cash provided
(used) by Operating Activities |
|
(894) |
|
(701) |
| Cash flows from Operating
Activities of Financial Services, net of eliminations |
|
(198) |
|
158 |
| Change in derivatives hedging
debt of Industrial Activities and other |
|
— |
|
7 |
| Investments in assets sold
under operating lease assets of Industrial Activities |
|
(4) |
|
(4) |
| Investments in property, plant
and equipment, and intangible assets of Industrial Activities |
|
(96) |
|
(90) |
| Other changes(1) |
|
(17) |
|
(43) |
| Free cash flow of
Industrial Activities |
|
(1,209) |
|
(673) |
(1) This item primarily includes capital increases in
intersegment investments and change in financial receivables.
Other Supplemental Financial Information
(Unaudited)
|
Reconciliation of Adjusted Net Income and Adjusted Income
Tax (Expense) Benefit to Net Income (Loss) and Income Tax (Expense)
Benefit and Calculation of Adjusted Diluted EPS and Adjusted ETR
under U.S. GAAP |
| |
|
Three Months Ended March 31, |
|
($ million) |
|
2024 |
|
2023 |
| Net income
(loss) |
|
402 |
|
486 |
| Adjustments impacting Income
(loss) before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (a) |
|
25 |
|
(12) |
| Adjustments impacting Income
tax (expense) benefit (b) |
|
(6) |
|
1 |
| Adjusted net income
(loss) |
|
421 |
|
475 |
| Adjusted net income (loss)
attributable to CNH Industrial N.V. |
|
420 |
|
471 |
| Weighted average shares
outstanding – diluted (million) |
|
1,274 |
|
1,359 |
| Adjusted diluted EPS
($) |
|
0.33 |
|
0.35 |
| |
|
|
|
|
| Income (loss) of
Consolidated Group before income tax (expense)
benefit |
|
402 |
|
626 |
| Adjustments impacting Income
(loss) before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (a) |
|
25 |
|
(12) |
| Adjusted income (loss)
before income tax (expense) benefit and equity in income of
unconsolidated subsidiaries and affiliates (A) |
|
427 |
|
614 |
| |
|
|
|
|
| Income tax (expense)
benefit |
|
(77) |
|
(173) |
| Adjustments impacting Income
tax (expense) benefit (b) |
|
(6) |
|
1 |
| Adjusted income tax
(expense) benefit (B) |
|
(83) |
|
(172) |
| |
|
|
|
|
| Adjusted Effective Tax
Rate (Adjusted ETR) (C=B/A) |
|
19.4% |
|
27.9% |
| |
|
|
|
|
| a) Adjustments
impacting Income (loss) before income tax (expense) benefit and
equity in income of unconsolidated subsidiaries and
affiliates |
|
|
|
|
| Restructuring expenses |
|
31 |
|
1 |
| Pre-tax gain related to the
2021 modification of a healthcare plan in the U.S. |
|
(6) |
|
(6) |
| Loss on sale of Financial
Services, Russia Operations |
|
— |
|
6 |
| Investment fair value
adjustments |
|
— |
|
(13) |
| Total |
|
25 |
|
(12) |
| |
|
|
|
|
| b) Adjustments
impacting Income tax (expense) benefit |
|
|
|
|
| Tax effect of adjustments
impacting Income (loss) before income tax (expense) benefit and
equity in income of unconsolidated subsidiaries and affiliates |
|
(6) |
|
1 |
| Adjustment to valuation
allowances on deferred tax assets |
|
— |
|
— |
| Total |
|
(6) |
|
1 |
- 20240502_PR_CNH_Q1_Results_2024
CNH Industrial NV (NYSE:CNHI)
過去 株価チャート
から 4 2024 まで 5 2024
CNH Industrial NV (NYSE:CNHI)
過去 株価チャート
から 5 2023 まで 5 2024
