{"id":53276,"date":"2021-11-04T12:02:37","date_gmt":"2021-11-04T12:02:37","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=81940"},"modified":"2021-11-04T12:02:37","modified_gmt":"2021-11-04T12:02:37","slug":"2021-third-quarter-results","status":"publish","type":"post","link":"https:\/\/indonesiatribune.com\/2021-third-quarter-results\/","title":{"rendered":"2021 THIRD QUARTER RESULTS"},"content":{"rendered":"
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The following is an extract from the \u201cCNH Industrial 2021 third quarter results\u201d press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website: https:\/\/www.cnhindustrial.com\/en-us\/media\/press_releases\/Pages\/default.aspx<\/a> or consulting the accompanying PDF:<\/p>\n

CNH Industrial reports solid third quarter performance. Consolidated revenues of $8.0 billion (up<\/strong>\u00a0<\/strong>23% compared to Q3 2020), net income of $329\u00a0million, adjusted diluted EPS of $0.36, and adjusted EBIT of Industrial Activities of $469\u00a0million (up\u00a0$231\u00a0million or some 100%). Free cash flow of Industrial Activities negative $0.7 billion.<\/strong><\/p>\n

Financial results presented under U.S. GAAP<\/em><\/p>\n

Net sales of Industrial Activities <\/strong>of $7,537 million<\/strong>, up 23%, with increases in all segments due to continued strong industry demand and price realization.<\/p>\n

Adjusted EBIT of Industrial Activities<\/strong> of $469 million<\/strong> ($238\u00a0million in Q3 2020), with Agriculture adjusted EBIT of $415\u00a0million continuing the strong performance of the segment. Adjusted EBIT increased by $58 million and $45\u00a0million for Commercial and Specialty Vehicles and Construction, respectively. Powertrain adjusted EBIT of $44\u00a0million ($60 million in Q3 2020).<\/p>\n

Adjusted net income <\/strong>of $496 million<\/strong>, with adjusted diluted earnings per share <\/strong>of $<\/strong>0.36<\/strong> (adjusted net income of $156 million in Q3 2020, with adjusted diluted earnings per share of $0.11). In the first nine months of 2021, adjusted diluted earnings per share was $1.10, surpassing all past full year performances.<\/p>\n

Reported income tax expense of $79 million, with adjusted effective tax rate<\/strong> (adjusted ETR) of 13<\/strong>% <\/strong>and 22% for the three and nine months, respectively. Both ETRs reflect favorable changes to the Company\u2019s expected geographic mix of pre-tax earnings and net discrete tax benefits.<\/p>\n

Free cash flow of Industrial Activities<\/strong> was negative<\/strong> $0.7 billion<\/strong> due to seasonal working capital absorption, exacerbated by supply chain disruptions in the latter part of the quarter. Total Debt of $23.7\u00a0billion at September 30, 2021 ($26.1\u00a0billion at December 31, 2020). Industrial Activitie<\/strong>s net cash<\/strong> position at $0.7\u00a0billion<\/strong>, a decrease of $0.7\u00a0<\/strong>billion from June\u00a0<\/strong>30, 2021.<\/p>\n

Available liquidity<\/strong> at $13.5 billion<\/strong> as of September\u00a0<\/strong>30, 2021. In September 2021, CNH Industrial Capital Canada Ltd. issued CAD$300\u00a0million in aggregate principal amount of 1.50% notes due October 1, 2024.<\/p>\n

Attachment<\/strong><\/p>\n