CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $6,457 million for the first quarter of 2019, down 5% compared to the first quarter of 2018 (up 2% on a constant currency basis). Net sales of Industrial Activities were $6,006 million in the first quarter of 2019, down 5% compared to the first quarter of 2018 (up 2% on a constant currency basis). Net income was $264 million in the first quarter of 2019 ($202 million in the first quarter of 2018) and included a pre-tax gain of $30 million ($22 million net of tax impact) as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 U.S. healthcare plan modification.
- Industrial Activities net sales were $6.0 billion, down 5% compared to the first quarter 2018 (up 2% on a constant currency basis), with currency translation impact more than offsetting strong price realization performance in Agriculture and Construction, and sales volume improvements in Commercial and Specialty Vehicles
- Adjusted EBIT(2)(3) of Industrial Activities increased 7% to $278 million, with a 4.6% margin (up 50 basis points). Adjusted EBITDA(2
)(3) of Industrial Activities was $525 million, with an 8.7% margin, flat compared to the first quarter of 2018
- Adjusted net income(2)(3) was $248 million in the first quarter of 2019, with adjusted diluted EPS(2)(3)) of $0.18 (up 29% compared to the first quarter of 2018), a record first quarter result
- Net industrial debt(2)(3) at March 31, 2019 was $1.5 billion, $0.9 billion higher than at December 31, 2018 as a result of normal seasonal increase in working capital in the first quarter
- In March, CNH Industrial signed a €4 billion committed revolving credit facility, replacing an existing €1.75 billion facility, and CNH Industrial Finance Europe S.A. issued €600 million in principal amount of 1.75% notes due 2027 and guaranteed by CNH Industrial N.V.
- For 2019, CNH Industrial is reaffirming its guidance: net sales of Industrial Activities expected at approximately $28 billion, adjusted diluted EPS between $0.84 and $0.88, and net industrial debt between $0.4 billion and $0.2 billion
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SOURCE: CNH Industrial