CNH Industrial 2017 first quarter revenues up 5.8% to $5.7 billion, net income increased to $49 million, net industrial debt of $2.1 billion
Financial results presented under U.S. GAAP(1)
- Industrial Activities revenues up 6.1% (up 6.5% on a constant currency basis) driven by demand for agricultural equipment in the LATAM region, and in the Commercial Vehicles and Powertrain segments
- Operating profit(2)(3) of Industrial Activities at $219 million, an increase of 23%, at an operating margin of 4.1% driven by volume leverage in Agricultural Equipment and Powertrain
- Adjusted net income(2)(3) was $58 million in the first quarter of 2017, with adjusted diluted EPS(2)(3) of $0.04
- Net industrial debt(2)(3) was $2.1 billion at March 31, 2017, with industrial operations cash flow improved by $0.1 billion compared to the first quarter of 2016
- In April, CNH Industrial Capital LLC issued $500 million in principal amount of 4.375% Notes due 2022, and today the Company announced the early redemption of all of the outstanding $636 million in principal amount of Case New Holland Industrial Inc. 77⁄8% Senior Notes due 2017
- Full year guidance reaffirmed
(1) CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown in specific tables at the end of this press release.
(2) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures.
(3) Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.
