2016 FOURTH QUARTER AND FULL YEAR RESULTS
CNH Industrial closed full year 2016 with revenues of $24.9 billion, adjusted net income(3) of $482 million, net loss of $249 million, and net industrial debt of $1.6 billion
Financial results presented under U.S. GAAP(1)
- Operating profit(2)(3) of Industrial Activities was $1,291 million for 2016, with operating margin of 5.5%
- Adjusted net income(2)(3) was $482 million for 2016, with adjusted diluted EPS(2)(3) of $0.35
- Net industrial debt(2)(3) was $1.6 billion at December 31, 2016, $1.1 billion lower than September 30, 2016 and flat as compared with December 31, 2015
- The Board of Directors is recommending a dividend of €0.11 per common share, or approximately €150 million (~$160 million)
- CNH Industrial will take a restructuring charge of approximately $100 million in 2017 as part of its industrial Efficiency Program. The Company expects the program to generate incremental savings of approximately $60 million in 2017 and $80 million on an annualized basis
- For 2017, CNH Industrial expects net sales of Industrial Activities between $23 billion and $24 billion and adjusted diluted EPS between $0.39 and $0.41. Net industrial debt expected between $1.4 billion and $1.6 billion
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Summary of Results
($ million except EPS) |
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Year Ended December 31,
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Three Months Ended December 31,
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2016
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2015
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Change
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2016
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2015
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Change
|
|
|
24,872
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25,912
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-4.0%
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Revenues
|
6,998
|
7,144
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-2.0%
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|
(249)
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248
|
-497
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Net income (loss)
|
96
|
231
|
-135
|
|
482
|
474
|
8
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Adjusted net income
|
197
|
262
|
-65
|
|
(0.18)
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0.19
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-0.37
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Basic EPS ($)
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0.07
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0.17
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-0.10
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(0.18)
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0.19
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-0.37
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Diluted EPS ($)
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0.07
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0.17
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-0.10
|
|
0.35
|
0.35
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-
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Adjusted diluted EPS ($)
|
0.14
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0.19
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-0.05
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(1) CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown in specific tables at the end of this press release.
(2) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.
(3) Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.