CNH Industrial has reported its third quarter results for 2024, with a net income of $310m compared to the same period in 2024, when its net income was $540m, down 22%.
“With the current challenging market conditions facing farmers across the globe, CNH is implementing decisions to advance our transformation journey.
“We have focused on making the company’s operations more efficient and on being more responsive to our customers’ needs.
“But dealer inventories remain elevated and will require additional efforts to align with retail demand,” said Gerrit Marx, chief executive officer.
CNH says combine demand was down 29% in north America; while in Europe, Middle East and Africa (EMEA), combine demand was down 50%
Forecast
CNH says combine demand was down 29% in North America, while in Europe, Middle East and Africa (EMEA), combine demand was down 50%.
It says agriculture net sales decreased for the quarter by 24%, primarily due to lower shipment volumes on decreased industry demand, dealer inventory unit requirements across all regions and unfavourable net price realisation due to enhanced retail actions.
The company’s forecast of continued weak industry retail demand in both the agriculture and construction equipment markets, coupled with elevated dealer inventories is requiring lower production levels.
CNH says it will further reduce production output to manage its channel inventory.
CNH says it will further reduce production output to manage channel inventory.
CNH Industrial has reported its third quarter results for 2024, with a net income of $310m compared to the same period in 2024, when its net income was $540m, down 22%.
“With the current challenging market conditions facing farmers across the globe, CNH is implementing decisions to advance our transformation journey.
“We have focused on making the company’s operations more efficient and on being more responsive to our customers’ needs.
“But dealer inventories remain elevated and will require additional efforts to align with retail demand,” said Gerrit Marx, chief executive officer.
CNH says combine demand was down 29% in north America; while in Europe, Middle East and Africa (EMEA), combine demand was down 50%
Forecast
CNH says combine demand was down 29% in North America, while in Europe, Middle East and Africa (EMEA), combine demand was down 50%.
It says agriculture net sales decreased for the quarter by 24%, primarily due to lower shipment volumes on decreased industry demand, dealer inventory unit requirements across all regions and unfavourable net price realisation due to enhanced retail actions.
The company’s forecast of continued weak industry retail demand in both the agriculture and construction equipment markets, coupled with elevated dealer inventories is requiring lower production levels.
CNH says it will further reduce production output to manage its channel inventory.
CNH says it will further reduce production output to manage channel inventory.
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