CNH Industrial announced that it reported “solid performance in the third quarter”, with “consolidated revenues of $ 8.0 billion (up 23% compared to the third quarter of 2020), net income of $ 329 million. , adjusted diluted earnings per share of $ 0.36 and Adjusted EBIT of Industrial Activities of $ 469 million (up $ 231 million or approximately 100%). “
The free cash flow of industrial activities, the note reads, was negative for 0.7 billion dollars.
Chief Executive Scott Wine commented on the financial statements:
“As CNH Industrial, our team has done admirably in the third quarter, showing exceptional readiness and determination in overcoming the increasingly challenging supply chain situation to serve our customers and dealers. Everything we have accomplished is It was doubly impressive because, in the same period, we have dedicated considerable resources to the process of closing the acquisition of Raven Industries and to the development of the related all-encompassing plan of integration and enhancement, while we are also finalizing the preparations to complete the spin-off. the latter, we now have full and operational leadership teams for both On- and Off-Highway and remain on track for a separation early in the first quarter of 2022. Our solid third quarter results are a credit to all. our employees and dealers, who continue to work tirelessly to mitigate and significant external pressures. Further testimony to the team’s energetic execution and the strength of our markets, especially agriculture, is the nine-month adjusted earnings per share of $ 1.10, which exceeds any earnings per share for the full year. in the history of the Company. Despite the significant procurement difficulties that will affect our fourth quarter results, if we consider the continuing good health of our markets, the still untapped potential of our team, which we are unlocking through the reorganization, as well as the launch of the various creation initiatives. of value, which are just starting to produce results, we are confident in a bright future. “
Regarding the outlook for 2021, CNH Industrial “expects demand to remain solid across all geographies and segments. In the latter part of the year, the growing impact of pressures on raw materials and persistent pressures on transport and logistics will be partially offset by better prices “.