CNH Industrial NV

CNHI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$58.80	Vbrvtt	Pnbqwjd

CNH Earnings: Ag Demand Pressured Near-Term, but We See It Recovering Long-Term

Dawit Woldemariam

Feb 14, 2024

Narrow-moat CNH reported fourth-quarter results that showed ag demand continuing to slow. In the ag segment, sales were down 8% year on year, while gross margin was up 20 basis points to 23.3%, largely thanks to cost-reduction initiatives that started to show progress in the quarter. In construction, sales were up 9% year on year, and gross margin expanded 150 basis points to 14.8%.

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