CNH closed the first quarter with a net profit of $402 million, down 17% compared to the same period in 2033, and consolidated revenues of $4.82 billion (down approximately 10%). Industrial net sales were $4.13 billion (down approximately 14% from the first quarter of 2023). Net cash used in operating activities was $894 million and industrial free cash flow absorption was $1,209 million in the first quarter.
“In the first quarter the CNH team – explains CEO Scott Wine – went through a declining market environment, as industrial demand remained weak especially in South America and Europe. Anticipating these obstacles, we are continuing to improve what we can control : manufacturing efficiency, disciplined business execution, reasonable SG&A reductions and thoughtful investments in products and technologies As always, the team faces challenges head-on and works diligently to provide solutions to our customers support for farmers and builders around the world.”
CNH updated its full-year guidance to reflect “lower projections for the agricultural sector.” The Agriculture ebit margin is revised between 13 and 15% on an annual basis including the assessed effects (it was 14-25%). Net sales of the agricultural segment are expected to decline between 11 and 15% (was between 8 and 12).
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