CNH Announces Q4 Earnings

CNH Industrial announced its fourth quarter and full year 2023 results on Feb. 14. Full year 2023 consolidated revenues were $24.7 billion, up 5% year-over-year, with net sales of Industrial Activities at $22.1 billion, up almost 3%. Full year net income was $2,383 million compared to 2022 net income of $2,039 million. 

For the quarter, net income was $617 million vs. $592 million for the same period in 2022, a 4% year-over-year increase. Consolidated revenue was $6.79 billion in the quarter (down 2% compared to Q4 2022) and Net sales of Industrial Activities were $6.02 billion (down 5% compared to Q4 2022).

Ag Sales Decline

Agriculture segment net sales for the full year were $18.12 billion, up 1% year-over-year. For the quarter, agriculture net sales were down 8% for the quarter to $4.95 billion, primarily due to lower industry volume, dealer inventory management and unfavorable mix, CNH said.

In a note to investors, Stanley Elliott, managing director, Stifel, wrote, “For 2024, CNHI expects industry sales to decline 10-15% in ag and construction to decline 5-10%. CNHI’s segment sales are expected to outperform industry declines and margins are expected to outperform past cycles. 

Source: Farm-Equipment.com