CNH closed the fourth quarter of 2022 with consolidated revenues of $6,943 million (+26.7% compared to the fourth quarter of 2021 for Continuing Operations).
Net Income was $592 million (vs. $464 million), Adjusted Net Income was $486 million, with Diluted Earnings per Share of $0.43 (vs. $0.34) and an Adjusted diluted earnings per share of $0.36.
Adjusted EBIT of Industrial Activities was $680 million (+$302 million compared to the fourth quarter of 2021).
Cash flow from operating activities is $1,443 million and free cash flow from industrial activities is $2,049 million.
Net Sales Revenues of Industrial Activities were $6,352 million (+$1,358 million compared to the fourth quarter 2021).
The board intends to recommend an annual dividend per share of €0.36 (about $0.38).
For the full year 2022, consolidated revenues were $23,551 million (+20.8% year over year, +24% at constant currency), with net income of $2,039 million (Adjusted Net Income of 2004 million, resulting in Adjusted Diluted Earnings per share of $1.46), Industrial Activities Adjusted EBIT of $2,433 million, and Industrial Activities Free Cash Flow generated of $1,596 million.
The Company provides forecasts for 2023 regarding Industrial Activities:
• Net sales revenue up 6% to 10% year-over-year, including currency translation effects
• Selling, general and administrative expenses up no more than 5% compared to 2022
• Free Cash Flow from Industrial Activities between $1.3 and $1.5 billion
• Research and development and capital expenditures of approximately $1.6 billion.