KROP - Why CNH Industrial Shares Are Gaining today | Benzinga
CNH Industrial N.V. (NYSE:CNHI) shares are trading higher after it reported first-quarter FY24 results.
Revenue declined 10% Y/Y (both reported and CC) to $4.82 billion, beating the consensus of $4.37 billion.
Net sales of Industrial Activities were $4.13 billion, down 14% Y/Y, due to lower industry demand and dealer inventory management.
Agriculture net sales declined 14% Y/Y to $3.37 billion on lower industry volume across all regions and dealer inventory management.
Construction net sales fell 11% Y/Y to $758 million owing to lower volume across all regions due to weak market demand.
The gross profit margin for Industrial Activities was 22.7%, down from 24.4% a year ago, mainly due to the weak margin in the Agriculture segment.
Agriculture segment adjusted EBIT margin contracted 200 bps Y/Y to 12.5%, and the Construction segment adjusted EBIT margin ...