CNH Industrial has reported record first quarter results, with consolidated revenues of $7.5 billion (up 37% compared to Q1 2020), net income of $425 million, adjusted diluted EPS of $0.32 and adjusted EBIT of Industrial Activities of $545 million (up $693 million), with strong performance from all segments year over year.
“Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team,” said CEO Scott Wine. “We overcame unprecedented supply chain challenges, rising commodity costs and the persistent impact of COVID-19 to deliver solid revenue growth and margin expansion, also above Q1 2019 performance, which testifies to the commitment, drive and ingenuity of our global workforce. Consistent with our emphasis on customer and dealer satisfaction, we made new technology investments in Monarch Tractor and Augmenta and are excited about the innovative products and services we will bring to market. All our businesses and brands executed well, and we were particularly encouraged by the strong results Agriculture delivered. And with our refocused efforts on the spin, the outperformance of Iveco and our On-Highway business was timely. With healthy momentum in our markets, agile and improving execution across our businesses, and an ambitious but achievable strategy in place, the CNH Industrial team is well-positioned for the rest of the year and beyond.”
— Dave McMahon, editor, dmcmahon at powersportsbusiness.com