CNH Industrial, parent of Case Construction Equipment, says it had a solid third quarter performance.
Consolidated revenues of $8.0 billion (up 23 percent compared to Q3 2020), net income of $329 million, adjusted diluted EPS of $0.36, and adjusted EBIT of Industrial Activities of $469 million (up $231 million or some 100 percent). Free cash flow of Industrial Activities negative $0.7 billion.
“Our CNH Industrial team performed admirably in Q3, displaying exceptional agility and determination in overcoming the increasingly challenging supply chain situation to deliver for our customers and dealers," said Scott Wine, CEO. "Their feats were doubly impressive as, over the same period, we were devoting considerable resources towards the closing of the Raven Industries acquisition and developing a comprehensive, value enhancing integration plan, while also finalizing our preparations to complete the spin.
"For the latter, we now have both On- and Off-Highway leadership organizations completed and in place and remain on track for an early Q1 2022 separation," Wine said. "Our solid Q3 results are a credit to all our employees and dealers, who continue to work tirelessly to mitigate significant external pressures. Further testament both to the team’s inspired execution and to the strength of our markets, particularly Agriculture, is our year-to-date adjusted EPS of $1.10, which exceeds any full year EPS in the Company’s history. Despite acute supplier issues that will constrain our Q4 results, considering the ongoing health of our markets, the untapped potential of our team we are unlocking through our reorganization, and the onset of our various value creation initiatives which are only beginning to have an impact, we are confident in a bright future.”
Source: CNH Industrial
