Sales of Combines, Tractors Lead Losses for CNH

CNH Industrial recently released disappointing sales numbers for the first three months of 2015 and cited poor sales worldwide in the row crop sector as contributing to the decline.

The Italian company reported a 23.9% decline in net sales compared to the first quarter of 2014. That number reflects a constant currency analysis and would increase to 30.5% on a reported basis. Among sharpest declines in the North American markets were a 44% drop in combine sales and a 26% decline in sales of tractors over 140 horsepower. Sales of smaller tractors increased by 2%.

The company also said it cut production hours at its agricultural machinery factories by 40% in the January-to-March period in response to market conditions.

CNH makes Case and New Holland farm equipment. News from the company comes days after competitor Agco also reported a disappointing first quarter and plans to cut factory hours. S