CNH Industrial Reports Solid Numbers to End First Year as Purely Ag and Construction Business

To start 2022, CNH executed the planned demerger of its on-highway businesses, shifting its focus to off-highway operations. At the time, we applauded the move as the ag business was by far its strongest performer. CNH’s Case IH brand is a strong number two right behind global leader Deere. For the full year, ag sales increased 22% year on year to nearly $18 billion. Many of the tailwinds that we’ve highlighted in recent quarters were still at play. Demand for ag machinery continues to run high as farmers replace their aging machines. Many farmers held on to their machines during the last downturn, which extended the average fleet age across the industry.