CNH Industrial reports 2019 Consolidated revenues of $28.1 billion, Net income of $1,454 million and Adjusted net income⁽²⁾⁽³⁾ of $1,178 million (or $0.84 per share). Net debt of Industrial Activities⁽²⁾⁽³⁾ at $854 million.

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

CONSOLIDATED RESULTS

• Consolidated revenues of $28.1 billion in 2019, down 6% year-over-year on reported basis and down 2% at constant currency
• Net income of $1,454 million in 2019, up $355 million compared to 2018, after $274 million of pre-tax charges ($222 million after-tax) related to the “Transform2Win” strategy, and the positive impact of a previously announced $539 million discrete tax benefit recognized in the third quarter
• Adjusted net income of $1,178 million, up $61 million (up 5%) compared to 2018
• Adjusted diluted earnings per share⁽²⁾⁽³⁾ of $0.84, up 5% compared to 2018
• Total of $332 million returned to shareholders in 2019 through cash dividends and share buy-back
• Recommended annual cash dividend of €0.18 (or $0.20) per common share flat to 2019

INDUSTRIAL ACTIVITIES

• Net sales of $26.1 billion in 2019, down 6% compared to 2018 (down 2% on a constant currency basis), as lower sales volume due to weak industry demand and dealer inventory reduction actions in our Agriculture and Construction segments more than offset positive price realization across the business
• Adjusted EBIT(2)(3) of $1,390 million in 2019, representing a 5.3% margin, down 40 basis points compared to 2018, mainly due to unfavorable volume and mix as well as raw material headwinds, which more than offset positive pricing and cost management actions
• Net debt at December 31, 2019 of $854 million, up by $255 million from December 31, 2018, due to higher working capital and cash investments related to the M&A activity performed during the year

FULL YEAR 2020 GUIDANCE

• Net sales of Industrial Activities in constant currency flat to slightly down versus 2019
• Adjusted diluted EPS between $0.78 and $0.86
• Free cash flow of Industrial Activities⁽²⁾⁽³⁾ between $400 million and $600 million

 

CNH INDUSTRIAL Summary of Results($ million except EPS)
Year ended December 31,					Three Months ended December 31,
2019	2018	$ Change	% Change		2019	2018	$ Change	% Change
28,079	29,706	-1,627	-5.5	Consolidated revenues	7,695	8,202	-507	-6.2
1,454	1,099	355	32.3	Net income	120	258	-138	-53.5
1,178	1,117	61	5.5	Adjusted net income	279	294	-15	-5.1
1.05	0.79	0.26	32.9	Basic EPS ($)	0.08	0.19	-0.11	-57.9
1.05	0.78	0.27	34.6	Diluted EPS ($)	0.08	0.19	-0.11	-57.9
0.84	0.80	0.04	5.0	Adjusted diluted EPS ($)	0.20	0.21	-0.01	-4.8

 

(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.