The following is an extract from the “CNH Industrial 2021 third quarter results” press release. The complete press release can be accessed by visiting the media section of the #cnhindustrial #corporate website: https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx or consulting the accompanying PDF:
Financial results presented under U.S. GAAP
Net sales of Industrial Activities of $7,537 million, up 23%, with increases in all segments due to continued strong industry demand and price realization.
Adjusted EBIT of Industrial Activities of $469 million ($238 million in Q3 2020), with Agriculture adjusted EBIT of $415 million continuing the strong performance of the segment. Adjusted EBIT increased by $58 million and $45 million for Commercial and Specialty Vehicles and Construction, respectively. Powertrain adjusted EBIT of $44 million ($60 million in Q3 2020).
Adjusted net income of $496 million, with adjusted diluted earnings per share of $0.36 (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.
Reported income tax expense of $79 million, with adjusted effective tax rate (adjusted ETR) of 13% and 22% for the three and nine months, respectively. Both ETRs reflect favorable changes to the Company’s expected geographic mix of pre-tax earnings and net discrete tax benefits.
Free cash flow of Industrial Activities was negative $0.7 billion due to seasonal working capital absorption, exacerbated by supply chain disruptions in the latter part of the quarter. Total Debt of $23.7 billion at September 30, 2021 ($26.1 billion at December 31, 2020). Industrial Activities net cash position at $0.7 billion, a decrease of $0.7 billion from June 30, 2021.
Available liquidity at $13.5 billion as of September 30, 2021. In September 2021, #cnhindustrial Capital Canada Ltd. issued CAD$300 million in aggregate principal amount of 1.50% notes due October 1, 2024.
Further information in the press release to download
© Copyright 2024