When CNH Industrial reported its consolidated revenues of US$5.6 billion in the second quarter of 2020 it revealed a 26% drop when compared to the second quarter of 2019.
The agriculture division recorded net sales of US$2.5 billion in the second quarter of 2020, a slide of 18% when compared to the second quarter of 2019.
The company blamed the decrease on the COVID-19 pandemic. The Construction division net sales were US$420 million in the second quarter, down 45% compared to the same period of 2019.
The Commercial and Specialty Vehicle division net sales reached US$1.7 billion, while the Powertrain division accounted for US763 million of sales.
Total net sales for CNHI’s Industrial group that includes Ag, CE, Powertrain, Commercial and Specialty Vehicles reached US$5.15 billion in the second quarter of 2020, down 27% compared to the same period of 2019 due to COVID-19 impacts on supply chain and market conditions across all regions and segments.
For the remainder of the year net sales of CNH Industrial activities are expected to be down between 15-20% in all markets, and across all regions and segments.