Case New Holland Industrial (CNHI) has seen its revenue rise by almost 3% year-on-year to $6.9 billion (€5.89 billion) for the second quarter of 2017.
Its latest results also showed net income was $247 million for the quarter, while adjusted net income was up 23% to $266 million – working out at $0.19 earnings per share.
Net industrial debt for the company was $2.1 billion, according to CNHI, while net sales of industrial activities were $6.7 billion – up 3.2% compared to the same period in 2016.
Image source: Shane Casey
Reported net income was $247 million, including a charge of $17 million ($11 million net of tax impact) related to the early redemption, in June 2017, of a range of senior notes due this year, the company said.
The adjusted net income of $266 million was up 19% compared to the same period in 2016.
Operating profit of industrial activities was $481 million for the quarter – an increase of $28 million compared to the previous year.
Agricultural equipment
According to CNHI, net sales for agricultural equipment rose by 3% in the second quarter compared to last year (up 3.3% on a constant currency basis), as a result of a strong rebound in demand in Latin America (LATAM).
In Asia Pacific, net sales increased – mainly driven by “favourable” volumes in Australia and in Europe, the Middle East and Africa. Net sales, as expected by the firm, were down in NAFTA (the US, Canada and Mexico) due to unfavourable industry volumes in the small grain, hay and forage product lines.
Operating profit was $303 million in the second quarter compared to $301 million in summer 2016, with an operating margin of 2.5%.
Favourable volumes in LATAM – including improved fixed cost absorption and disciplined net price realisation across all regions – offset negative volumes and mix in NAFTA and increased spending on research and development, CNHI said.
