2020 FIRST QUARTER RESULTS

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CNH Industrial reports 2020 first quarter Consolidated revenues of $5.5 billion, Net loss of $54 million and Net debt of Industrial Activities(2)(3) at $2.3 billion. Available liquidity(2)(3) at $9.9 billion as of March 31, 2020

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

CONSOLIDATED RESULTS

  • Consolidated revenues of $5.5 billion in the first quarter of 2020, down 15% compared to the first quarter of 2019 (down 13% at constant currency)
  • Net loss of $54 million (or $0.05 loss per share) in the first quarter of 2020 compared to net income of $264 million (or $0.19 per share) in the first quarter of 2019
  • Adjusted net loss(2)(3) of $66 million in the first quarter of 2020 compared to adjusted net income of $248 million in the first quarter of 2019
  • Adjusted diluted earnings per share(2)(3) was a loss of $0.06 in the first quarter of 2020 compared to adjusted diluted earnings per share of $0.18 in the first quarter of 2019
INDUSTRIAL ACTIVITIES

  • Net sales of $5.0 billion in the first quarter of 2020, down 17% compared to the first quarter of 2019 (down 14% on a constant currency basis), due to adverse COVID-19 impact on market conditions across all regions, coupled with previously announced actions to reduce dealer inventory levels
  • Adjusted EBIT(2)(3) loss of $148 million in the first quarter of 2020 compared to adjusted EBIT of $278 million in the first quarter of 2019, strongly impacted by industry demand disruptions in March, negative absorption caused by plant shutdowns, and actions to lower inventory levels
  • Net debt at March 31, 2020 of $2.3 billion, an increase of $1.5 billion from December 31, 2019, as a result of seasonal working capital absorption and the adverse impact of COVID-19, partially offset by actions to reduce Company inventory and other cash preservation measures
COVID-19 RELATED CORPORATE ANNOUNCEMENTS

  • Transform2Win strategy, including spin-off of On-Highway activities, confirmed, while original timeline for implementation of such spin-off will be extended because of market conditions
  • 2020 full year guidance withdrawn on March 30, 2020. No new guidance issued

 

CNH INDUSTRIAL
Summary of Results ($ million except EPS)
 
Three Months ended March 31,
 
2020
201​​​9
$ Change
% ​Change
Consolidated ​Revenues
5,461
6,457
-996
-15.4​
Net income (loss)​
(54)
264
-318
-120.5​
Adjusted net income (loss)
(66)
248
-314
-126.6​
Basic EPS ($)
(0.05)
0.19
-0.24
-126.3​
Diluted EPS ($)
(0.05)
0.19
-0.24
-126.3​
Adjusted diluted EPS ($)
(0.06)
0.18
-0.24
-133.3​



London (UK) - (May 6, 2020) CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today reported results for the quarter ended March 31, 2020.

Consolidated revenues were $5.5 billion for the first quarter of 2020, down 15% compared to the first quarter of 2019 (down 13% on a constant currency basis). Net sales of Industrial Activities were $5.0 billion for the first quarter of 2020, down 17% compared to the first quarter of 2019 (down 14% on a constant currency basis).

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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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  • 2020 First Quarter Results