CNH Industrial (CNH) FY2017 results: revenue $27.7 billion, up 10.4% on the year
CNH Industrial N.V. (CNH) reported revenue of $27.7 billion for fiscal 2017, the year ended 31 December 2017, up 10.4% on the year before. Net income was $272 million, and diluted earnings per share $0.20. The figures are the company's own, from the 20-F it filed with the SEC on 2 March 2018.
Revenue
$27.7 billion
+10.4% on the year
FY2011FY2017
Operating margin
6.0%
5.8% a year earlier
FY2011FY2017
Net income
$272 million
FY2011FY2017
Diluted EPS
$0.20
FY2011FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
27,701
25,095
25,912
+10.4%
Cost of revenue
21,572
19,420
20,357
+11.1%
Gross profit
6,129
5,675
5,555
+8.0%
Gross margin
22.1%
22.6%
21.4%
Research and development
957
860
856
+11.3%
Selling, general and administrative
2,315
2,246
2,317
+3.1%
Operating income
1,662
1,451
1,635
+14.5%
Operating margin
6.0%
5.8%
6.3%
Interest expense
940
1,028
1,106
-8.6%
Pre-tax income
659
-22.0
567
Income tax
457
297
360
+53.9%
Effective tax rate
69.3%
n/a
63.5%
Net income
272
-264
253
Net margin
1.0%
-1.1%
1.0%
Diluted EPS
$0.20
-$0.19
$0.19
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,865
2,768
n/a
+3.5%
Capital expenditure
n/a
2,134
2,507
Free cash flow
n/a
634
n/a
Free cash flow margin
n/a
2.5%
n/a
Cash from investing
-1,869
-1,656
n/a
Cash from financing
-1,045
-1,538
n/a
Depreciation and amortisation
725
716
1,146
+1.3%
Share-based compensation
19.0
3.0
49.0
+533.3%
Dividends paid
168
207
297
-18.8%
Dividend per share
$0.12
$0.15
$0.21
-20.3%
Diluted shares, weighted
1,367m
1,362m
1,363m
+0.4%
Shares outstanding at period end
1,364m
1,362m
1,362m
+0.1%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
4,232
4,320
4,843
-2.0%
Redeemable equity
25.0
21.0
18.0
+19.0%
Debt
n/a
n/a
50.0
Other liabilities
44,018
41,206
41,835
+6.8%
Total liabilities and equity
48,275
45,547
46,746
+6.0%
Fixed assets
6,831
6,397
6,481
+6.8%
Goodwill
2,472
2,449
2,447
+0.9%
Intangible assets
792
787
810
+0.6%
Loans
19,795
18,662
19,001
+6.1%
Cash and equivalents
5,430
5,017
5,384
+8.2%
Inventory
6,452
5,609
5,690
+15.0%
Other assets
6,503
6,626
6,933
-1.9%
Total assets
48,275
45,547
46,746
+6.0%
20-F for the year ended 31 December 2017, filed 2 March 2018: the filing.