CNH Industrial, the parent company of Case and New Holland Construction Equipment, on Friday, July 28, released the financial results presented under U.S. GAAP.
The 'Second Quarter Net Income of $710 Million' has been recorded this year. Significant improvements in Gross Profit Margin for the Agriculture and Construction Segments, both reporting the highest quarterly Adjusted EBIT margin ever. Highest quarterly Adjusted EBIT margin everQ2 Consolidated revenues of $6.57 billion up by 8 per cent if compared with last year's.
While the Net income of $710 million and Adjusted Net Income of $711 million, with diluted EPS and adjusted diluted EPS of $0.52. The report further adds, the Net cash used by operating activities of $139 million and Industrial Free Cash Flow generation of $386 million in Q2. Net sales for Industrial Activities of $5.95 billion (up $341 million compared to Q2 2022).
“The CNH Industrial team delivered great results in Q2 as we capitalized on favorable market fundamentals and solid operational execution. Our agriculture segment set margin records, and for the first quarter in our history, Construction net sales surpassed $1 billion. The CNH Business System is becoming a way of life, engaging our employees in improving processes and removing unnecessary costs. We are transforming the business and expanding our technology investments to drive growth and improve through-cycle margins,” said Scott W. Wine, Chief Executive Officer.
