CNH Industrial (CNH) FY2018 results: revenue $29.7 billion, up 7.2% on the year
CNH Industrial N.V. (CNH) reported revenue of $29.7 billion for fiscal 2018, the year ended 31 December 2018, up 7.2% on the year before. Net income was $1.1 billion, up 292.6%, and diluted earnings per share $0.78. The figures are the company's own, from the 20-F it filed with the SEC on 1 March 2019.
Revenue
$29.7 billion
+7.2% on the year
FY2011FY2018
Operating margin
n/a
6.0% a year earlier
FY2011FY2018
Net income
$1.1 billion
+292.6% on the year
FY2011FY2018
Diluted EPS
$0.78
+290.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
29,706
27,701
25,095
+7.2%
Cost of revenue
22,958
21,572
19,420
+6.4%
Gross profit
6,748
6,129
5,675
+10.1%
Gross margin
22.7%
22.1%
22.6%
Research and development
1,061
957
860
+10.9%
Selling, general and administrative
2,351
2,315
2,246
+1.6%
Operating income
n/a
1,662
1,451
Operating margin
n/a
6.0%
5.8%
Interest expense
812
940
1,028
-13.6%
Pre-tax income
1,466
659
-22.0
+122.5%
Income tax
417
457
297
-8.8%
Effective tax rate
28.4%
69.3%
n/a
Net income
1,068
272
-264
+292.6%
Net margin
3.6%
1.0%
-1.1%
Diluted EPS
$0.78
$0.20
-$0.19
+290.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,554
2,865
2,768
-10.9%
Capital expenditure
n/a
n/a
2,134
Free cash flow
n/a
n/a
634
Free cash flow margin
n/a
n/a
2.5%
Cash from investing
-1,920
-1,869
-1,656
Cash from financing
-723
-1,045
-1,538
Depreciation and amortisation
703
725
716
-3.0%
Share-based compensation
35.0
19.0
3.0
+84.2%
Dividends paid
243
168
207
+44.6%
Dividend per share
$0.17
$0.12
$0.15
+46.6%
Diluted shares, weighted
1,361m
1,367m
1,362m
-0.4%
Shares outstanding at period end
1,354m
1,364m
1,362m
-0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,068
4,232
4,320
+19.8%
Redeemable equity
30.0
25.0
21.0
+20.0%
Other liabilities
41,002
44,018
41,206
-6.9%
Total liabilities and equity
46,100
48,275
45,547
-4.5%
Fixed assets
5,901
6,831
6,397
-13.6%
Goodwill
2,453
2,472
2,449
-0.8%
Intangible assets
788
792
787
-0.5%
Loans
19,167
19,795
18,662
-3.2%
Cash and equivalents
5,031
5,430
5,017
-7.3%
Inventory
6,726
6,452
5,609
+4.2%
Other assets
6,034
6,503
6,626
-7.2%
Total assets
46,100
48,275
45,547
-4.5%
20-F for the year ended 31 December 2018, filed 1 March 2019: the filing.