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CNH Industrial N.V. (CNHI)
After hours:
- Barrons.com
Deere Peer CNH Cuts 2024 Guidance. Both Stocks Are Up.
Agriculture and construction machinery maker CNH Industrial reported slightly better-than-expected first-quarter earnings on Thursday morning. Thursday morning, CNH reported first-quarter adjusted earnings per share of 33 cents from sales of $4.8 billion. “The CNH team navigated a declining market environment in the first quarter, as lower industry demand persisted especially in South America and Europe,” said CEO Scott Wine in a news release.
- Bloomberg
Tractor Makers CNH and AGCO Trim Outlooks on Weak Farmer Demand
(Bloomberg) -- Tractor makers CNH Industrial NV and AGCO Corp. reduced their outlooks for 2024 on declining sales of farm machinery as growers continue to be squeezed by falling crop prices. Most Read from BloombergSaudi Arabia Steps Up Arrests Of Those Attacking Israel OnlineUS and Saudis Near Defense Pact Meant to Reshape Middle EastBiden Calls Ally Japan ‘Xenophobic’ Along With China, RussiaTurkey Halts All Trade With Israel Over War in GazaHuawei Secretly Backs US Research, Awarding Millions
- Reuters
CNH Industrial cuts 2024 profit target as farm equipment demand slumps
CNH Industrial cut its annual profit forecast and warned of steeper declines in farming equipment sales on Thursday, as a global agriculture downturn squeezes demand for its tractors and combines. Dwindling farm incomes as crop prices moderate and higher borrowing costs are forcing a rethink on big-ticket purchases, setting up for a murky demand backdrop for heavy equipment makers. CNH projected an 11% to 15% drop in agriculture segment sales for the year, compared with its previous expectation of 8% to 12% decline.
