CNH Industrial NV CNHI reported second-quarter FY23 revenue growth of 8% year-over-year to $6.57 billion, +9% on a constant currency basis, beating the consensus of $6.44 billion.
Adjusted EPS of $0.52 beats the consensus of $0.48.
Net sales of Industrial Activities were $5.95 billion, up 6%Y/Y, mainly due to favorable price realization, offsetting adverse currency conversion impacts.
The gross profit margin of Industrial Activities was 25% (22.0% in the second quarter of 2022), with improvement both sequentially and versus the prior year in Agriculture and Construction.
The company has cash and equivalents of $3.194 billion at the end of the second quarter.
"We are transforming the business and expanding our technology investments to drive growth and improve through-cycle margins," commented CEO Scott W. Wine.
2023 Outlook: The company reaffirmed the 2023 outlook for its Industrial Activities. Net sales is expected to be up between 8% and 11% year on year, including currency translation effects.
The free cash flow of Industrial Activities is expected to be between $1.3 billion and $1.5 billion.
CNHI Price Action: CNHI Industrial shares are trading lower by 5.69% at $14.41 on the last check Friday.
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