(image: Korea Bizwire)
London, May 6 (Korea Bizwire) – The following is an extract from the “CNH Industrial 2020 first quarter results” press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website: https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx or consulting the accompanying PDF:
CNH Industrial reports 2020 first quarter Consolidated revenues of $5.5 billion,
Net loss of $54 million and Net debt of Industrial Activities at $2.3 billion.
Available liquidity at $9.9 billion as of March 31, 2020
Financial results presented under U.S. GAAP
CONSOLIDATED RESULTS
- Consolidated revenues of $5.5 billion in the first quarter of 2020, down 15% compared to the first quarter of 2019 (down 13% at constant currency)
- Net loss of $54 million (or $0.05 loss per share) in the first quarter of 2020 compared to net income of $264 million (or $0.19 per share) in the first quarter of 2019
- Adjusted net loss of $66 million in the first quarter of 2020 compared to adjusted net income of $248 million in the first quarter of 2019
- Adjusted diluted earnings per share was a loss of $0.06 in the first quarter of 2020 compared to adjusted diluted earnings per share of $0.18 in the first quarter of 2019
INDUSTRIAL ACTIVITIES
- Net sales of $5.0 billion in the first quarter of 2020, down 17% compared to the first quarter of 2019 (down 14% on a constant currency basis), due to adverse COVID-19 impact on market conditions across all regions, coupled with previously announced actions to reduce dealer inventory levels
- Adjusted EBIT loss of $148 million in the first quarter of 2020 compared to adjusted EBIT of $278 million in the first quarter of 2019, strongly impacted by industry demand disruptions in March, negative absorption caused by plant shutdowns, and actions to lower inventory levels
- Net debt at March 31, 2020 of $2.3 billion, an increase of $1.5 billion from December 31, 2019, as a result of seasonal working capital absorption and the adverse impact of COVID-19, partially offset by actions to reduce Company inventory and other cash preservation measures
COVID-19 RELATED CORPORATE ANNOUNCEMENTS
- Transform2Win strategy, including spin-off of On-Highway activities, confirmed, while original timeline for implementation of such spin-off will be extended because of market conditions
- 2020 full year guidance withdrawn on March 30, 2020. No new guidance issued
Attachment
Source: CNH Industrial N.V. via GLOBE NEWSWIRE
