- CNH Industrial NV (NYSE:CNHI) reported fourth-quarter revenue growth of 6.8% year-over-year to $9.07 billion, +9% on a constant currency basis.
- Net sales of Industrial Activities was $8.55 billion, an increase of 6% Y/Y and +9% on a constant currency basis.
- Segment Revenue: Agriculture $4.15 billion (+21.2% Y/Y), Construction $844 million (+12.2% Y/Y), Commercial and Specialty Vehicles $3.26 billion (-1% Y/Y), Powertrain $945 million (-21.5% Y/Y), and Financial Services $533 million (+9.9% Y/Y).
- Adjusted EPS declined to $0.25 from $0.30 in 4Q20.
- CNH Industrial generated cash from operating activities for FY21 of $4.08 billion, compared to $5.53 billion a year ago. Free cash flow of Industrial Activities of $1.75 billion
- Adjusted EBIT of Industrial Activities was $401 million (-22.9% Y/Y), and the margin contracted by 180 bps to 4.7%.
- Truck order intake in Europe up 81% Y/Y, with light-duty trucks up 76%, and medium & heavy-duty trucks up 94% for the fiscal. Truck book-to-bill in Europe at 1.57.
- The company has cash and equivalents of $6.01 billion at the end of Q4.
- FY22 Outlook: CNH Industrial expects Industrial Activities net sales to grow 10% - 14%, SG&A expenses lower or equal to 7.5% of net sales, and Free Cash Flow over $1 billion.
- Price Action: CNHI shares are trading higher by 2.59% at $15.24 on the last check Tuesday.
