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CNH Industrial NV CNHI

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CNH Industrial Reported Solid Performance to Start 2021; Agriculture and Freight Markets Strong

Analyst Note

| Brian Bernard, CFA, CPA |

CNH Industrial posted solid first-quarter results, as manufacturing revenue was up 41% year over year to $7 billion. The company saw strength across the board in its end markets, with notable growth in agriculture and freight markets. In agriculture, tractor demand surged in North America, up 53% year over year for tractors under 140 horsepower and up 15% for tractors over 140 horsepower. The segment continues to benefit from higher volume, favorable product mix, and solid pricing. Freight markets also remained hot in the quarter, pushing sales in the commercial and specialty vehicle business higher by 39% compared with the first quarter of 2020. Strong freight activity has driven significant demand for new trucks globally.

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Company Profile

Business Description

CNH Industrial is a global industrial company that manufactures a range of products including agricultural equipment, construction equipment, commercial vehicles, and powertrain components. It is incorporated in the Netherlands and has its principal office in London. Its most senior executives work out of Burr Ridge, Illinois. Although the company was formed in 2013, the oldest elements of the organization date back to the 1830s. Total company revenue was about $24 billion in 2020 with approximately 42% of manufacturing revenue generated from agricultural equipment, 8% from construction equipment, 36% from commercial vehicles, and the rest from the powertrain segment.

25 St. James's Street
London, SW1A 1HA, Netherlands
T +44 2077660346
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 64,016