CNH Industrial reported strong results for Q4 2020, with consolidated revenues of $8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of $520 million (up 73%), with all segments up year over year. Net income was $187 million and adjusted net income was $432 million. Positive free cash flow of Industrial Activities was $2.4 billion and Industrial Activities net cash of $0.8 billion at Dec. 31, 2020.
Suzanne Heywood, Chair:
“CNH Industrial delivered solid results in Q4, ending 2020 with year-over-year profitability improvements across all industrial segments. Our year-end Industrial Activities net financial position of $0.8 billion was positive for the first time in the company’s history and testifies to the efficacy of our cost containment and cash preservation actions which, together with strong working capital reductions, drove positive free cash flow of $2.4 billion in Q4 and $1.9 billion for the full year. We continued to prioritize the health and safety of our workforce, while supporting our dealers and customers and actively managing our supply chain. While we are guardedly optimistic about the impact of the vaccine roll-out, the current global spike in COVID-19 cases means we must continue to safeguard our employees and our business from the pandemic. During 2020 we invested in new technologies, embraced new ways of working, and positioned the company for strong, profitable growth. Our focus on executing the company separation strategy outlined at our 2019 capital markets day is resolute, and we enter 2021 prepared to unlock our abundant potential, enhance our commitment to our customers, and forge an increasingly profitable future under the leadership of our new CEO, Scott Wine.”
Scott Wine, Chief Executive Officer:
“It has been an energizing first few weeks with the CNH Industrial team and I find our capabilities and opportunities to be even greater than I anticipated. Suzanne’s adroit stewardship over the last year gave me a chance to get up to speed, instead of addressing lingering issues, and thanks to this CNH Industrial team’s preparation and willingness to share, I have learned a great deal in this short time. I am pleased with the state of the business and the strength of the industry, and enthusiastic about tackling the challenges we face, both in executing vital aspects of our strategy and addressing a dynamic global environment. CNH Industrial is poised to deliver a strong 2021: we are ready to perform, our dealer network is healthy and hungry, and in most segments our customers are displaying solid demand.”