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2019 FIRST QUARTER RESULTS

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CNH Industrial reported record 2019 first quarter net income of $264 million or $0.19 per share on consolidated revenues of $6.5 billion 

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

  • Industrial Activities net sales were $6.0 billion, down 5% compared to the first quarter 2018 (up 2% on a constant currency basis), with currency translation impact more than offsetting strong price realization performance in Agriculture and Construction, and sales volume improvements in Commercial and Specialty Vehicles
  • Adjusted EBIT(2)(3) of Industrial Activities increased 7% to $278 million, with a 4.6% margin (up 50 basis points). Adjusted EBITDA(2)(3) of Industrial Activities was $525 million, with an 8.7% margin, flat compared to the first quarter of 2018
  • Adjusted net income(2)(3) was $248 million in the first quarter of 2019, with adjusted diluted EPS(2)(3)) of $0.18 (up 29% compared to the first quarter of 2018), a record first quarter result ​​​
  • Net industrial debt(2)(3)​ at March 31, 2019 was $1.5 billion, $0.9 billion higher than at December 31, 2018 as a result of normal seasonal increase in working capital in the first quarter
  • In March, CNH Industrial signed a €4 billion committed revolving credit facility, replacing an existing €1.75 billion facility, and CNH Industrial Finance Europe S.A. issued €600 million in principal amount of 1.75% notes due 2027 and guaranteed by CNH Industrial N.V. 
  • For 2019, CNH Industrial is reaffirming its guidance: net sales of Industrial Activities expected at approximately $28 billion, adjusted diluted EPS between $0.84 and $0.88, and net industrial debt between $0.4 billion and $0.2 billion​​

 

Summary of Results
($ million except EPS)
 
Three Months ended March 31,
 
2019
2018​​​​
$ Change
%​Change
Consolidated ​Revenues
6,457
6,773
-316
-4.7​
Net income​
264
202
62
30.7​
Adjusted net income
248
204
44
21.6​
Basic EPS ($)
0.19
0.14
0.05
35.7​
Diluted EPS ($)
0.19
0.14
0.05
35.7​
Adjusted diluted EPS ($)
0.18
0.14
0.04
28.6​



London (UK) - (May 7, 2019) CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $6,457 million for the first quarter of 2019, down 5% compared to the first quarter of 2018 (up 2% on a constant currency basis). Net sales of Industrial Activities were $6,006 million in the first quarter of 2019, down 5% compared to the first quarter of 2018 (up 2% on a constant currency basis). Net income was $264 million in the first quarter of 2019 ($202 million in the first quarter of 2018) and included a pre-tax gain of $30 million ($22 million net of tax impact) as a result of the amortization over approximately 4.5 years of the $527 million positive impact from the 2018 U.S. healthcare plan modification.​

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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​

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  • 2019 First Quarter Results