CNH Industrial Reports Q2 Results Above Street Expectation, Clocks 17% Revenue Growth

  • CNH Industrial NV CNHI reported second-quarter revenue growth of 17.5% year-over-year to $6.08 billion, +20% on a constant currency basis, beating the consensus of $5.28 billion.
  • Adjusted EPS improved to $0.43 from $0.37 in 2Q21, beating the consensus of $0.36.
  • Net sales of Industrial Activities were $5.61 billion, an increase of 17.5% Y/Y due to favorable price realization, offsetting almost 3% adverse currency conversion.
  • Adjusted Gross margin of Industrial Activities declined 20 bps to 22%.
  • Adjusted EBIT Margin of Industrial Activities contracted by 30 bps to 11.7%. Agriculture adjusted EBIT margin at 14% and Construction at 3.8%.
  • CNH Industrial's net cash used in operating activities year-to-date was $(1.16) billion, compared to cash generated of $1.37 billion a year ago. Free cash outflow of Industrial Activities was $(655) million.
  • The company has cash and equivalents of $3.58 billion at the end of Q2.
  • CNH Industrial Board approved a $300 million share buyback program to be launched at the completion of the existing $100 million program.
  • FY22 Outlook: CNH Industrial confirmed the outlook for Industrial Activities net sales to grow 12% - 14%, SG&A expenses lower or equal to 7.5% of net sales, and Free Cash Flow over $1 billion.
  • Price Action: CNHI shares are trading higher by 5.27% at $12.79 on the last check Friday.
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