CNH Industrial. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020)
05.05.2021 16:47 "Agro Perspectiva" (Kyiv) —
CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion. Financial results presented under U. S. GAAP Net sales of Industrial Activities of $7,043 million, up 41% due to higher volumes driven by strong industry demand, particularly in Agriculture and Commercial and Specialty Vehicles, together with favorable price realization, primarily in Agriculture. Adjusted EBIT of Industrial Activities of $545 million (loss of $148 million in Q1 2020), with all segments up year over year. Agriculture adjusted EBIT margin above 13%, Powertrain above 9% and Construction at 3.8%. Commercial and Specialty Vehicles adjusted EBIT of $76 million, the highest in Q1 since 2013. Adjusted net income of $454 million, with adjusted diluted earnings per share of $0.32 (adjusted net loss of $66million in Q1 2020, with adjusted diluted loss per share of $0.06). Reported income tax expense of $157 million and adjusted income tax expense of $143 million, with adjusted effective tax rate (adjusted ETR) of 25%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges. Free cash flow of Industrial Activities was negative $0.4 billion as a result of lower than historical seasonal working capital cash absorption. Total Debt of $23.8billion at March 31, 2021 ($26.1billion at December 31, 2020). Industrial Activities net cash position at $0.6billion, a decrease of $0.2billion from December31, 2020. Available liquidity at $13.9 billion as of March31, 2021. On February 26, 2021, CNH Industrial N. V. extended by one year, to March 2026, its syndicated committed revolving credit facility for ˆ3,950.5 million. In March 2021, CNH Industrial Finance Europe S. A. repurchased all itsoutstanding notesdue May 23, 2022 equaling ˆ316 million (~$371million).
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