CNH Industrial (CNH) FY2019 results: revenue $28.1 billion, down 5.5% on the year
CNH Industrial N.V. (CNH) reported revenue of $28.1 billion for fiscal 2019, the year ended 31 December 2019, down 5.5% on the year before. Net income was $1.4 billion, up 33.1%, and diluted earnings per share $1.05. The figures are the company's own, from the 20-F it filed with the SEC on 3 March 2020.
Revenue
$28.1 billion
-5.5% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.4 billion
+33.1% on the year
FY2012FY2019
Diluted EPS
$1.05
+34.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
28,079
29,706
27,701
-5.5%
Cost of revenue
21,832
22,958
21,572
-4.9%
Gross profit
6,247
6,748
6,129
-7.4%
Gross margin
22.2%
22.7%
22.1%
Research and development
1,030
1,061
957
-2.9%
Selling, general and administrative
2,216
2,351
2,315
-5.7%
Operating income
n/a
n/a
1,662
Operating margin
n/a
n/a
6.0%
Interest expense
798
812
940
-1.7%
Pre-tax income
1,170
1,466
659
-20.2%
Income tax
-271
417
457
Effective tax rate
-23.2%
28.4%
69.3%
Net income
1,422
1,068
272
+33.1%
Net margin
5.1%
3.6%
1.0%
Diluted EPS
$1.05
$0.78
$0.20
+34.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,826
2,554
2,865
-28.5%
Cash from investing
-1,987
-1,920
-1,869
Cash from financing
206
-723
-1,045
Depreciation and amortisation
660
703
725
-6.1%
Share-based compensation
33.0
35.0
19.0
-5.7%
Dividends paid
283
243
168
+16.5%
Dividend per share
$0.20
$0.17
$0.12
+17.3%
Diluted shares, weighted
1,354m
1,361m
1,367m
-0.5%
Shares outstanding at period end
1,350m
1,354m
1,364m
-0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,121
5,068
4,232
+20.8%
Redeemable equity
35.0
30.0
25.0
+16.7%
Other liabilities
41,196
41,002
44,018
+0.5%
Total liabilities and equity
47,352
46,100
48,275
+2.7%
Fixed assets
5,269
5,901
6,831
-10.7%
Goodwill
2,538
2,453
2,472
+3.5%
Intangible assets
806
788
792
+2.3%
Loans
19,428
19,167
19,795
+1.4%
Cash and equivalents
4,875
5,031
5,430
-3.1%
Inventory
7,082
6,726
6,452
+5.3%
Other assets
7,354
6,034
6,503
+21.9%
Total assets
47,352
46,100
48,275
+2.7%
20-F for the year ended 31 December 2019, filed 3 March 2020: the filing.