CNH Industrial profit rises on higher prices despite slowing demand By Reuters
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© Reuters. Italian-American Industrial vehicle maker CNH’s logo is pictured at an event held to present CNH’s new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca/File
(Reuters) -CNH Industrial reported a higher quarterly profit on Wednesday, boosted by strong prices for its tractors and precision agriculture machinery.
The agricultural and construction equipment maker reported an adjusted fourth-quarter profit of 42 cents per share, ahead of the year-ago profit of 36 cents per share.
Farm equipment makers have rolled out price hikes over the last few quarters to tap into strong machinery demand and offset higher production costs.
CNH, faced with slowing demand in Brazil, has also rolled out a restructuring plan entailing a 5% reduction of its salaried workforce and a revision of its cost structure, aimed at lowering 10% to 15% of its operational expenses collectively.
On Wednesday, CNH reported quarterly revenue of $6.79 billion, down 2% from a year ago.
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© Reuters. Italian-American Industrial vehicle maker CNH’s logo is pictured at an event held to present CNH’s new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca/File
(Reuters) -CNH Industrial reported a higher quarterly profit on Wednesday, boosted by strong prices for its tractors and precision agriculture machinery.
The agricultural and construction equipment maker reported an adjusted fourth-quarter profit of 42 cents per share, ahead of the year-ago profit of 36 cents per share.
Farm equipment makers have rolled out price hikes over the last few quarters to tap into strong machinery demand and offset higher production costs.
CNH, faced with slowing demand in Brazil, has also rolled out a restructuring plan entailing a 5% reduction of its salaried workforce and a revision of its cost structure, aimed at lowering 10% to 15% of its operational expenses collectively.
On Wednesday, CNH reported quarterly revenue of $6.79 billion, down 2% from a year ago.
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