CNH Industrial N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017
January 31, 2017 at 01:20 pm
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CNH Industrial N.V. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $6,998 million compared to $7,144 million a year ago. Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates was of $162 million compared to 324 million a year ago. Net income attributable to company was $95 million or $0.07 per diluted share compared to $231 million or $0.17 per diluted share a year ago. Adjusted net income attributable to company was $195 million or $0.14 per share compared to $262 million or $0.19 per diluted share a year ago.
For the year, the company reported total revenues of $24,872 million compared to $25,912 million a year ago. Loss before income taxes and equity in income of unconsolidated subsidiaries and affiliates was of $9 million compared to income of $567 million a year ago. Net loss attributable to company was $252 million or $0.18 per diluted share compared to $253 million or $0.19 per diluted share a year ago. Net cash provided by operating activities were of $2,108 million compared to $2,786 million a year ago. Adjusted net income attributable to company was $478 million or $0.35 per share compared to $476 million or $0.35 per diluted share a year ago. Net debt as on December 31, 2016 was $19,420 million compared to $19,963 million a year ago. CapEx was down 23% versus full year 2015, the reduction for the 2016 is primarily coming from lower spending for regulatory related CapEx.
The company provided earnings guidance for the full year of 2017. For the period, the company expects net sales of industrial activities between $23 billion and $24 billion; adjusted diluted EPS(2) between $0.39 and $0.41; and net industrial debt at the end of 2017 between $1.4 billion and $1.6 billion. CapEx spending to increase by 10%.
CNH Industrial N.V. is an equipment and services company. The Company is engaged in the design, production, marketing, sale, and financing of agricultural and construction equipment. The Company operates through three segments: Agriculture, Construction and Financial Services. Its Agriculture segment designs, manufactures, and distributes a full line of farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, material handling equipment, and others. Its Construction segment designs, manufactures, and distributes a full line of construction equipment, including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders. Its Financial Services segment offers retail note and lease financing to end-use customers for the purchase of new and used agricultural and construction equipment and components.
CNH Industrial N.V. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Provides Earnings Guidance for the Full Year of 2017