CNH Industrial reported strong results for the fourth quarter of 2020, with consolidated revenues of US$8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of US$520 million (up 73%).
“CNH Industrial delivered solid results in the fourth quarter, ending 2020 with year-over-year profitability improvements across all industrial segments,” said Suzanne Heywood, CNH Chair.
Net sales of Industrial Activities were up 12% due to higher volumes and favourable price realisation, mainly in Agriculture and Commercial and Specialty Vehicles.
Agriculture equipment demand was up in most regions. In North America, tractor demand was up 27% for tractors under 140 horsepower, and up 17% for tractors over 140 horsepower; combines were down 1%. In Europe, tractor and combine markets were up 7% and 22%, respectively. South America tractor markets were up 29% and combine markets were up 22%. Significant increase in demand for tractors was also noted in Rest of World while demand for combines was flat.
For the full year 2020, CNH Industrial reported revenues of US$26 billion and adjusted net income of US$437 million as a result of a solid performance in the second-half of the year, partially offsetting severe adverse COVID-19 impacts in the first-half.
The Company’s 2021 outlook assumes a progressive improvement in economic conditions as populations and markets adjust to the new circumstances.