(image: KobizMedia/ Korea Bizwire)
London, UNITED KINGDOM, Nov. 6 (Korea Bizwire) -
Financial results presented under U.S. GAAP
- Industrial Activities net sales were $5.9 billion, down 6% compared to the third quarter of 2018 (down 3% on a constant currency basis), as lower sales volume and negative currency translation offset positive price realization
- Adjusted EBIT of Industrial Activities was $284 million, equivalent to a 4.8% margin, down 30 basis points compared to the third quarter of 2018. Adjusted EBITDA of Industrial Activities was $523 million, representing an 8.9% margin
- Reported net income of $643 million includes a material discrete tax benefit. Adjusted net income was $221 million in the third quarter of 2019, in line with the third quarter of 2018, benefiting from lower interest expense and a lower adjusted effective tax rate
- Net debt of Industrial Activities at September 30, 2019 was $2.4 billion, up by $0.9 billion from June 30, 2019, due to an increase in net working capital
- During the quarter, CNH Industrial continued corporate planning activities in view of the future separation of the Off-Highway and On-Highway businesses announced on September 3
- During the quarter, CNH Industrial acquired AgDNA, a leader in Farm Management Information Systems, and entered into a strategic and exclusive Heavy-Duty Truck partnership with Nikola Corporation, a U.S.-based leader in fuel cell truck technology
- CNH Industrial recently announced the acquisition of the Australian agricultural tillage and crop implement manufacturer K-Line Ag, and the acquisition of ATI, Inc., a global manufacturer of rubber track systems for high horsepower tractors and combine harvesters, in an effort to strengthen its strategic position and to drive industry consolidation in the agricultural market. In addition, CNH Industrial has agreed the sale of its Truckline parts business, a distributor of aftermarket commercial vehicles parts and accessories in Australia
- Full year guidance updated as follows: net sales of Industrial Activities expected now between $26.5 billion-$27 billion with confirmed adjusted diluted EPS of $0.84-$0.88. Net debt of Industrial Activities of $0.6 billion-$0.4 billion mainly reflecting the M&A activity announced since September 3
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Source: CNH Industrial N.V. via GLOBE NEWSWIRE
