CNH Industrial N.V. (CNHI) Misses Q1 EPS by 13c, Revenues Beat

CNH Industrial N.V. (NYSE: CNHI) reported Q1 EPS of ($0.06), $0.13 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $5.5 billion versus the consensus estimate of $5.34 billion.

Link to 1Q Earnings Reports

CNH Industrial reports 2020 first quarter Consolidated revenues of $5.5 billion,Net loss of $54 million and Net debt of Industrial Activities at $2.3 billion. Available liquidity at $9.9 billion as of March 31, 2020

CONSOLIDATED RESULTS

• Consolidated revenues of $5.5 billion in the first quarter of 2020, down 15% compared to the first quarter of 2019 (down 13% at constant currency)
• Net loss of $54 million (or $0.05 loss per share) in the first quarter of 2020 compared to net income of $264 million (or $0.19 per share) in the first quarter of 2019
• Adjusted net loss of $66 million in the first quarter of 2020 compared to adjusted net income of $248 million in the first quarter of 2019
• Adjusted diluted earnings per share was a loss of $0.06 in the first quarter of 2020 compared to adjusted diluted earnings per share of $0.18 in the first quarter of 2019

INDUSTRIAL ACTIVITIES

• Net sales of $5.0 billion in the first quarter of 2020, down 17% compared to the first quarter of 2019 (down 14% on a constant currency basis), due to adverse COVID-19 impact on market conditions across all regions, coupled with previously announced actions to reduce dealer inventory levels
• Adjusted EBIT loss of $148 million in the first quarter of 2020 compared to adjusted EBIT of $278 million in the first quarter of 2019, strongly impacted by industry demand disruptions in March, negative absorption caused by plant shutdowns, and actions to lower inventory levels
• Net debt at March 31, 2020 of $2.3 billion, an increase of $1.5 billion from December 31, 2019, as a result of seasonal working capital absorption and the adverse impact of COVID-19, partially offset by actions to reduce Company inventory and other cash preservation measures

COVID-19 RELATED CORPORATE ANNOUNCEMENTS

• Transform2Win strategy, including spin-off of On-Highway activities, confirmed, while original timeline for implementation of such spin-off will be extended because of market conditions
• 2020 full year guidance withdrawn on March 30, 2020. No new guidance issued

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

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