CNH Reports Record Earnings from Q1

CNH Industrial reported first quarter consolidated revenues of $5,342 million (up 15% compared to Q1 2022) Net income of $486 million and Adjusted Net Income of $475 million, with diluted EPS and adjusted diluted EPS of $0.35 (adjusted diluted EPS of $0.28 in Q1 2022) Net cash used by operating activities of $701 million and Industrial Free Cash Flow absorption of $673 million Net sales for Industrial Activities of $4,776 million (up $596 million compared to Q1 2022) Net sales guidance for FY 2023 updated to an increase of 8-11% vs. 2022 on strong North America row crop demand, continued pricing strength and a solid order backlog


Q1 2023Q1 2022Change
Net Sales ($ Millions)3,9273,377+16%
Adjusted EBIT ($ Millions)570426+144
Adjusted EBIT Margin14.5%12.6%+190 bps

In North America, industry volume was up 19% year over year in the first quarter 2023 for tractors over 140 HP and was down 16% for tractors under 140 HP; combines were up 116% from a severely disrupted industry in the first quarter of 2022. Agriculture net sales were up 16%, due to favorable price realization, higher volume and favorable mix. Gross profit margin was a record 26.2%. Favorable price realization across all regions, and higher volume and mix offset higher manufacturing and purchasing costs.