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CNH Industrial NV CNHI

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Morningstar’s Analysis

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CNH’s Q2 Results Show Sales Growth Across All Segments; Agriculture Continues to Lead Profit Growth

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

CNH’s strong second-quarter results led us to increase our fair value estimate to $12.50 from $11.80. We raised our near-term revenue and margin assumptions to reflect stronger end market performance than we previously forecast. Looking across CNH’s end markets, we think agriculture demand will continue to be a major driver in the back half of the year. In our view, demand will be supported by strong crop exports to China. This dynamic has been a key reason why crop prices have been relatively high over the past year. Rising crop prices have propelled farmer incomes higher, allowing them to refresh their aging agriculture equipment--a benefit to CNH.

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Company Profile

Business Description

CNH Industrial is a global manufacturer of heavy machinery, with a range of products including agricultural and construction equipment, commercial vehicles, and powertrain components. One of its most recognizable brands, Case IH, has served farmers for generations. Its products are available through a robust dealer network, which includes over 3,600 dealer and distribution locations globally. CNH Industrial’s finance arm provides retail financing for equipment and vehicles to its customers, in addition to wholesale financing for dealers; which increases the likelihood of product sales.

25 St. James's Street
London, SW1A 1HA, United Kingdom
T +44 2077660346
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 64,016