2019 SECOND QUARTER RESULTS

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For the second quarter of 2019 CNH Industrial reported a robust net income of $427 million, or $0.31 per share, on consolidated revenues of $7.6 billion. Net debt of Industrial Activities(2)(3) at $1.5 billion

Financial results presented under U.S. GAAP(1)(2)

  • Industrial Activities net sales were $7.1 billion, down 7% compared to the second quarter of 2018 (down 2% on a constant currency basis), with positive price realization more than offset by lower sales volume and negative currency translation impact
  • Adjusted EBIT(2)(3) of Industrial Activities was $527 million, with a 7.5% margin, flat compared to the second quarter of 2018. Adjusted EBITDA(2)(3) of Industrial Activities was $768 million, with a 10.9% margin 
  • Adjusted net income(2)(3) was $430 million in the second quarter of 2019, with adjusted diluted EPS(2)(3) of $0.31, up 11% compared to the second quarter of 2018
  • Net debt of Industrial Activities at June 30, 2019 was $1.5 billion, in line with March 31, 2019  
  • On July 2, Fitch Ratings improved the outlook of CNH Industrial N.V. to positive from stable and affirmed CNH Industrial N.V.’s and CNH Industrial Capital LLC’s long-term issuer default rating at “BBB-”
  • On July 3, CNH Industrial Finance Europe S.A. issued €500 million in principal amount of 1.625% notes due 2029 and guaranteed by CNH Industrial N.V.
  • Full year guidance at: net sales of Industrial Activities expected between $27 and $27.5 billion, adjusted diluted EPS between $0.84 and $0.88, and net debt of Industrial Activities between $0.4 billion and $0.2 billion


CNH INDUSTRIAL
​​​Summary of Results ($ million except EPS)
Six Months Ended June 30,
Three Months Ended June 30,
2019​
2018
$ Change
% Change
 
2019
2018​​
$ Change
% Change
14,024​​​
14,​818
-794
-5.4
Consolidated revenues
7,567
8,045
-478
-5.9
691
610
81
13.3
Net income
427
408
19
4.7
678
601
77
12.8
Adjusted net income
430
397
33
8.3
0.50
0.43
0.07
16.3
Basic EPS ($)
0.​31
0.29
0.02
6.9
0.50
0.43
0.07
16.3
Diluted EPS ($)
0.31
0.29
0.02
6.9
0.49
0.43
0.06
14.0
Adjusted diluted EPS ($)
0.31
0.28
0.03
10.7




(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.

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  • 2019 Second Quarter Results