2021 FIRST QUARTER RESULTS
London, May 5, 2021
CNH Industrial reports record first quarter. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year. Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.
Financial results presented under U.S. GAAP
“Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team. We overcame unprecedented supply chain challenges, rising commodity costs and the persistent impact of COVID-19 to deliver solid revenue growth and margin expansion, also above Q1 2019 performance, which testifies to the commitment, drive and ingenuity of our global workforce. Consistent with our emphasis on customer and dealer satisfaction, we made new technology investments in Monarch Tractor and Augmenta and are excited about the innovative products and services we will bring to market. All our businesses and brands executed well, and we were particularly encouraged by the strong results Agriculture delivered. And with our refocused efforts on the spin, the outperformance of Iveco and our On-Highway business was timely. With healthy momentum in our markets, agile and improving execution across our businesses, and an ambitious but achievable strategy in place, the CNH Industrial team is well-positioned for the rest of the year and beyond.”
Scott Wine, Chief Executive Officer
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2021 First Quarter Results
(all amounts $ million, unless otherwise stated – comparison vs Q1 2020) |
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US-GAAP
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NON-GAAP(1)
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Consolidated revenues
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7,473
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+37%
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+32% c.c.(*)
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Adjusted EBIT of Industrial Activities
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545
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+468%
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of which Net sales of Industrial Activities
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7,043
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+41%
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+36% c.c.
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Adjusted EBIT Margin of Industrial Activities
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7.7%
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+1,070bps
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Net income
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425
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+479
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Adjusted net income
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454
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+520
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Diluted EPS $
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0.30
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+0.35
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Adjusted diluted EPS $
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0.32
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+0.38
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Cash flows from operating activities
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372
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+904
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Free cash flow of Industrial Activities
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(371)
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+1,152
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Cash and cash equivalents
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7,059
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-1,726(**)
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Available liquidity
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13,886
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-1,985(**)
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(*) c.c. means at constant currency - (**) comparison vs December 31, 2020
(1) 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. 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.