2017 FOURTH QUARTER AND FULL YEAR RESULTS
CNH Industrial reported 2017 consolidated revenues up 10% to $27.4 billion, net income at $313 million, with adjusted net income(2)(3) at $669 million or $0.48 per share. Net industrial debt(2)(3) reduced to $0.9 billion
Financial results presented under U.S. GAAP(1)
- Industrial Activities’ revenues up 11% (up 9% on a constant currency basis), with solid growth in all segments
- Operating profit(2)(3) of Industrial Activities increased 18% to $1,519 million, with an operating margin of 5.8%, as a result of positive performances in the Agricultural Equipment, Powertrain and Construction Equipment segments
- Adjusted net income increased to $669 million (up 39%) in full year 2017, with adjusted diluted EPS(2)(3) of $0.48
- Net industrial debt was $0.9 billion at December 31, 2017, a 45% reduction compared to December 31, 2016
- The Board of Directors is recommending a dividend of €0.14 per common share, or approximately €191 million (~$237 million), an increase of 27%. The Board of Directors will also be recommending a reauthorization and upsizing of the Company’s share repurchase program to $700 million
- For 2018, CNH Industrial expects net sales of Industrial Activities between $27 billion and $28 billion and an increase of 30% of adjusted diluted EPS to between $0.63 and $0.67. Net industrial debt expected between $0.8 billion and $1.0 billion
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Summary of Results
($ million except EPS) |
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Year Ended December 31,
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Three Months Ended December 31
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2017
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2016
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Change
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2017
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2016
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Change
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|
|
27.361
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24.872
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10,0%
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Consolidated revenues
|
8.102
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6.998
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15,8%
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|
313
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(249)
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562
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Net income (loss)
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(40)
|
96
|
-136
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|
669
|
482
|
187
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Adjusted net income
|
197
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197
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-
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|
0,22
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(0,18)
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0,40
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Basic EPS ($)
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(0,03)
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0,07
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-0,10
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0,22
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(0,18)
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0,40
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Diluted EPS ($)
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(0,03)
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0,07
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-0,10
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|
0,48
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0,35
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0,13
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Adjusted diluted EPS ($)
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0,14
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0,14
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-
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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.