- Second quarter consolidated revenue declined 16% on lower industry demand
- Second quarter diluted EPS at $0.34; adjusted diluted EPS at $0.38 ($0.52 in the second quarter of 2023)
- Results reflect continued execution of cost savings initiatives mitigating the impact of market headwinds
- Returned $1.2 billion to shareholders through dividends and share repurchases in the first half of 2024
- Full-year guidance updated to reflect weaker market conditions
Basildon, UK — CNH Industrial N.V. (NYSE: CNH) today reported results for the three months ended June 30, 2024, with net income of $438 million and diluted earnings per share of $0.34 compared with net income of $710 million and diluted earnings per share of $0.52 for the three months ended June 30, 2023. Consolidated revenues were $5.49 billion (down approximately 16% compared to Q2 2023) and Net sales of Industrial Activities were $4.80 billion (down approximately 19% compared to Q2 2023). Net cash provided by operating activities was $379 million and Industrial Free Cash Flow generation was $140 million in Q2.
Following the earnings call, JP Morgan analysts said, "Overall, we believe the bullish voices behind CNH are firming based on the cost reduction initiatives, a possible sale of the Construction business, and the hope for the Ag cycle downturn inflecting after 2025."
“I am thrilled to have rejoined the hardworking CNH team. I have long admired this leading company for its iconic brands and truly global presence. After spending my first weeks visiting our plants, dealers, and customers, I am impressed by the focus on advancing our brands’ distinctive positions, developing the product pipeline, accelerating our technology offerings, and turning around the construction business. I’m returning at a challenging point in our industries, and I appreciate the ongoing efforts that our employees have made this past quarter. We will continue to manage the business prudently through 2024 while positioning ourselves for 2025. I am confident in our success and look forward to presenting our strategy with you at an investor day in early 2025.” — Gerrit Marx, Chief Executive Officer