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
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SOURCE: CNH Industrial
