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2021 THIRD QUARTER RESULTS

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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 CNH Industrial corporate website: https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx or consulting the accompanying PDF:

CNH Industrial reports solid third quarter performance. Consolidated revenues of $8.0 billion (up 23% compared to Q3 2020), net income of $329 million, adjusted diluted EPS of $0.36, and adjusted EBIT of Industrial Activities of $469 million (up $231 million or some 100%). Free cash flow of Industrial Activities negative $0.7 billion.

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, CNH Industrial Capital Canada Ltd. issued CAD$300 million in aggregate principal amount of 1.50% notes due October 1, 2024.

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