Press release
725KB
novembre 05, 2020 - CNH Industrial
CNH Industrial 2020 Third Quarter Results
Comunicato Stampa disponibile solo in lingua originale.
Financial results presented under U.S. GAAP
- Net sales of Industrial Activities up 4% (up 4% at constant currency), primarily driven by an 11% increase in Agriculture.
- Adjusted EBIT of Industrial Activities of $238 million, compared to $284 million in 2019 which included a $50 million gain realized from granting to Nikola Corporation access to certain Iveco technology as in-kind contribution for stock issuance. Positive price realization in Agriculture and Commercial and Specialty Vehicles, and cost containment actions across all segments fully offset negative mix.
- Adjusted net income of $156 million (or adjusted diluted earnings per share of $0.11) after excluding, from the $932 million reported net loss, the $1,207 million negative fair value adjustment of the investment in Nikola Corporation, and a tax benefit of $82 million due to the release of valuation allowances on deferred tax assets in certain jurisdictions.
- Reported income tax benefit of $15 million and adjusted income tax expense of $81 million, with adjusted effective tax rate (adjusted ETR) of 38%, which reflects the impact of pre-tax losses in jurisdictions where tax benefits are not recognized and excludes the release of deferred tax valuation allowances referred to above.
- Positive free cash flow of Industrial Activities of $987 million resulting from a reduction in working capital and a variety of cash preservation measures. Total Debt of $24.7 billion and net debt of Industrial Activities of $1.5 billion, a reduction of $0.8 billion compared to June 30, 2020.
- Available liquidity of $13.2 billion at September 30, 2020. In July, #cnhindustrial Capital LLC issued $600 million in aggregate principal amount of 1.950% Notes due 2023. Subsequent to the quarter-end, in October, #cnhindustrial Capital LLC also issued $500 million in aggregate principal amount of 1.875% Notes due 2026.
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