General improvement in market demand and in customer sentiment reflected increased economic activity globally and stronger commodity prices. Repurchased all its outstanding notes due equaling €316 million (~$371 million). In March 2021, CNH Industrial Finance Europe S.A. Extended by one year, to March 2026, its syndicated committed revolving credit facility for €3,950.5 million. On February 26, 2021, CNH Industrial N.V. Industrial Activities net cash (1) position at $0.6 billion, a decrease of $0.2 billion from December 31, 2020.Īvailable liquidity at $13.9 billion as of March 31, 2021.
Total Debt of $23.8 billion at Ma($26.1 billion at December 31, 2020). Reported income tax expense of $157 million and adjusted income tax expense (1) of $143 million, with adjusted effective tax rate (adjusted ETR (1)) of 25%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges.įree cash flow of Industrial Activities was negative $0.4 billion as a result of lower than historical seasonal working capital cash absorption. Commercial and Specialty Vehicles adjusted EBIT of $76 million, the highest in Q1 since 2013.Īdjusted net income of $454 million, with adjusted diluted earnings per share of $0.32 (adjusted net loss of $66 million in Q1 2020, with adjusted diluted loss per share of $0.06). Agriculture adjusted EBIT margin above 13%, Powertrain above 9% and Construction at 3.8%. Net sales of Industrial Activities of $7,043 million, up 41% due to higher volumes driven by strong industry demand, particularly in Agriculture and Commercial and Specialty Vehicles, together with favorable price realization, primarily in Agriculture.Īdjusted EBIT of Industrial Activities of $545 million (loss of $148 million in Q1 2020), with all segments up year over year. Means at constant currency (**) comparison vs December 31, 2020 Of which Net sales of Industrial ActivitiesĪdjusted EBIT Margin of Industrial Activities (all amounts $ million, unless otherwise stated - comparison vs Q1 2020) With healthy momentum in our markets, agile and improving execution across our businesses, and an ambitious but achievable strategy in place, the CNH Industrial team is well-positioned for the rest of the year and beyond.' And with our refocused efforts on the spin, the outperformance of Iveco and our On-Highway business was timely. All our businesses and brands executed well, and we were particularly encouraged by the strong results Agriculture delivered. Consistent with our emphasis on customer and dealer satisfaction, we made new technology investments in Monarch Tractor and Augmenta and are excited about the innovative products and services we will bring to market. We overcame unprecedented supply chain challenges, rising commodity costs and the persistent impact of COVID-19 to deliver solid revenue growth and margin expansion, also above Q1 2019 performance, which testifies to the commitment, drive and ingenuity of our global workforce. 'Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team.
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Industrial Activities net cash of $0.6 billion at March 31, 2021, with free cash flow seasonally negative by $0.4 billion.įinancial results presented under U.S. Consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32, and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year.
CNH Industrial reports record first quarter.
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