CNH Industrial N.V. (CNHI) Tops Q1 EPS by 3c, Revenues Miss; Affirms FY19 EPS Mid-Point Guidance Below Consensus

CNH Industrial N.V. (NYSE: CNHI) reported Q1 EPS of $0.18, $0.03 better than the analyst estimate of $0.15. Revenue for the quarter came in at $6.5 billion versus the consensus estimate of $6.6 billion.

• CNH Industrial reported record 2019 first quarter net income of $264 million or $0.19 per share
• CNH Industrial reported consolidated revenues of $6.5 billion

Financial results presented under U.S. GAAP

• Industrial Activities net sales were $6.0 billion, down 5% compared to the first quarter 2018 (up 2% on a constant currency basis), with currency translation impact more than offsetting strong price realization performance in Agriculture and Construction, and sales volume improvements in Commercial and Specialty Vehicles
• Adjusted EBIT of Industrial Activities increased 7% to $278 million, with a 4.6% margin (up 50 basis points). Adjusted EBITDA of Industrial Activities was $525 million, with an 8.7% margin, flat compared to the first quarter of 2018
• Adjusted net income was $248 million in the first quarter of 2019, with adjusted diluted EPS of $0.18 (up 29% compared to the first quarter of 2018), a record first quarter result
• Net industrial debt at March 31, 2019 was $1.5 billion, $0.9 billion higher than at December 31, 2018 as a result of normal seasonal increase in working capital in the first quarter
• In March, CNH Industrial signed a €4 billion committed revolving credit facility, replacing an existing €1.75 billion facility, and CNH Industrial Finance Europe S.A. issued €600 million in principal amount of 1.75% notes due 2027 and guaranteed by CNH Industrial N.V.
• For 2019, CNH Industrial is reaffirming its guidance: net sales of Industrial Activities expected at approximately $28 billion, adjusted diluted EPS between $0.84 and $0.88, and net industrial debt between $0.4 billion and $0.2 billion

GUIDANCE:

CNH Industrial N.V. sees FY2019 EPS of $0.84-$0.88, versus the consensus of $0.88.

For earnings history and earnings-related data on CNH Industrial N.V. (CNHI) click here.

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