CNH Industrial Earnings: The Worst Is Likely Over

CNH Industrial reported first-quarter results with sales declining 21% to $3.8 billion, industrial EBIT declining 73% to $101 million, and adjusted EPS of $0.10. These results were well telegraphed by management given the ongoing weakness in agriculture markets. Management continues to slash current production to clear inventory out of the channel, highlighting a $100 million decline when the business would otherwise be growing inventories in a normalized environment.