CNH Industrial N.V. (CNHI) Misses Q3 EPS by 1c, Offers Guidance

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Go back to CNH Industrial N.V. (CNHI) Misses Q3 EPS by 1c, Offers Guidance

CNH Industrial lowers guidance and announces job cuts, shares fall

November 7, 2023 7:41 AM EST

By Bianca Flowers and Alessandro Parodi

(Reuters) - Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening demand for its farm machinery, predominantly in South America, sending its shares plummeting.

The company also announced a restructuring plan that will entail trimming 5% of its salaried workforce costs and reducing its total workforce expenses by 10% to 15%.

Shares were down 7.7% on the NYSE. Trading for the manufacturer was repeatedly halted in Milan due to volatility after the company revised its sales outlook for the year. The stock fell as... More