Fourth quarter net income increased by 4% year-over-year despite consolidated revenue declining by 2%
Fourth quarter Agriculture segment adjusted EBIT margin up 40 bps year-over-year to 13.5%; Construction up 230 bps to 5.8%
Full year net income up 17% year-over-year on a 5% increase in consolidated revenue
Full year diluted EPS reaches $1.76; adjusted diluted EPS at $1.70
Cost reduction programs expected to improve through-cycle margins
Company announces additional $500 million share buyback program
Basildon, UK - February 14, 2024 - CNH Industrial N.V. (NYSE: CNHI) today reported results for the three and twelve months ended December 31, 2023, with Q4 2023 net income of $617 million and diluted earnings per share of $0.46 compared with net income of $592 million and diluted earnings per share of $0.43 in Q4 2022. Consolidated revenue was $6.79 billion in the quarter (down 2% compared to Q4 2022) and Net sales of Industrial Activities were $6.02 billion (down 5% compared to Q4 2022). Net cash provided by operating activities was $1,515 million and Industrial Free Cash Flow was $1,630 million in Q4 2023.
Full year 2023 consolidated revenues were $24.7 billion, up 5% year-over-year, with Net sales of Industrial Activities at $22.1 billion, up almost 3%. Full year net income was $2,383 million, compared to 2022 net income of $2,039 million. Full year diluted earnings per share was $1.76, up $0.27 from $1.49 in 2022. Adjusted net income was $2,313 million, a 15% increase over 2022, with adjusted diluted earnings per share of $1.70, compared to $1.46 in 2022. Full year net cash provided by operating activities was $907 million and Industrial Free Cash Flow was $1,216 million.
“Two years ago, we established ambitious margin targets for our Agriculture and Construction segments, which we achieved earlier than planned. These results, in conjunction with record full year revenue and net income, reflect the CNH team’s tireless efforts to simplify the company, expand through-cycle margins, integrate world-class technology with our great iron, and put our customers at the center of everything we do. With more challenging end markets in Q4, robust contributions from our cost reduction focus and disciplined commercial execution drove margin expansion and we will remain aggressive on these fronts moving forward. I have tremendous confidence in this CNH team’s ability, regardless of market conditions, to create a bright future for our company, our customers, and our dealers.”
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https://www.globenewswire.com/news-release/2024/02/14/2829000/0/en/CNH-Industrial-N-V-Reports-Fourth-Quarter-and-Full-Year-2023-Results.html
