CNH Industrial N.V. (NYSE: CNHI) shares let go of some of its strength Thursday, on the release of results for the three months ended March 31, 2024. Net income proved to be $402 million, while diluted earnings per share were $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.
Said CEO Scott Wine, “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.”
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.
CNHI shares dipped 9.5 cents to $11.23.
