CNH Industrial NV

CNHI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$85.40	Ltrzcl	Jfdbbxvj

CNH Earnings: Management Lowers Agriculture Sales and Margin Guidance for 2024

Dawit Woldemariam

May 3, 2024

Narrow-moat CNH reported first-quarter earnings slightly below our expectations. Our fair value estimate decreased 1% to $15.10, down from $15.30 previously. The decline was largely due to slight tweaks in our near-term sales and margin expectations. We lowered our 2024 estimates following management's lower agriculture segment guidance. For 2024, we're forecasting sales to be down 13% year on year.

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