CNH Industrial (CNH) Q1 FY2024 earnings: revenue $4.8 billion, down 9.8% on the year

CNH Industrial N.V. (CNH) reported revenue of $4.8 billion for Q1 FY2024, the quarter ended 31 March 2024, down 9.8% on the same quarter a year earlier. Net income was $368 million, down 23.7% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2024.

Revenue$4.8 billiondown 9.8%

Net income$368 milliondown 23.7%

Diluted EPS$0.31

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	4,818	6,792	n/a	n/a
Cost of revenue	3,195	4,705	n/a	n/a
Gross profit	1,623	2,087	n/a	n/a
Gross margin	33.7%	30.7%	n/a
Research and development	228	275	n/a	n/a
Selling, general and administrative	411	478	n/a	n/a
Interest expense	394	404	n/a	n/a
Pre-tax income	479	577	n/a	n/a
Income tax	77.0	58.0	n/a	n/a
Effective tax rate	16.1%	10.1%	n/a
Net income	368	616	n/a	n/a
Net margin	7.6%	9.1%	n/a
Diluted EPS	$0.31	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-894	1,515	n/a	n/a
Cash from investing	-419	-1,657	n/a	n/a
Cash from financing	319	1,391	n/a	n/a
Dividends paid	1.0	7.0	n/a	n/a
Dividend per share	$0.00	n/a	n/a	n/a
Diluted shares, weighted	1,274m	1,334m	n/a	n/a
Shares outstanding at period end	1,257m	1,291m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	7,955	8,180	n/a	n/a
Redeemable equity	57.0	54.0	n/a	n/a
Debt	n/a	27,326	n/a	n/a
Other liabilities	37,714	10,791	n/a	n/a
Total liabilities and equity	45,726	46,351	n/a	n/a
Fixed assets	1,903	1,913	n/a	n/a
Goodwill	3,603	3,614	n/a	n/a
Intangible assets	1,265	1,292	n/a	n/a
Cash and equivalents	3,236	4,322	n/a	n/a
Inventory	6,189	5,545	n/a	n/a
Other assets	29,530	29,665	n/a	n/a
Total assets	45,726	46,351	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,986	6,792	4,818	5,488	4,654	4,876	3,828	4,711	4,399	5,157	3,826	4,803
Cost of revenue	4,059	4,705	3,195	3,702	3,130	3,323	2,569	3,192	2,995	3,633	2,605	3,396
Gross profit	1,927	2,087	1,623	1,786	1,524	1,553	1,259	1,519	1,404	1,524	1,221	1,407
Gross margin	32%	31%	34%	33%	33%	32%	33%	32%	32%	30%	32%	29%
R&D	266	275	228	237	221	238	184	218	281	342	232	230
SG&A	462	478	411	461	426	414	386	478	549	463	465	494
Interest expense	346	404	394	418	378	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	711	577	479	533	385	241	162	275	51.0	132	13.0	172
Tax rate	24%	10%	16%	18%	19%	37%	29%	28%	2%	45%	31%	25%
Net income	537	616	368	399	306	173	131	213	80.0	86.0	7.0	138
Net margin	9%	9%	8%	7%	7%	4%	3%	5%	2%	2%	0%	3%
Diluted EPS	$0.42	$0.46	$0.31	$0.34	$0.24	$0.14	$0.10	$0.17	$0.06	$0.07	$0.01	$0.11
Operating cash flow	232	1,515	-894	379	791	1,692	162	772	659	945	35.0	145
Dividends paid	2.0	7.0	1.0	593	6.0	7.0	1.0	320	1.0	11.0	1.0	126
Shares outstanding	1,330m	1,291m	1,257m	1,254m	1,249m	1,248m	1,249m	1,251m	1,246m	1,242m	1,240m	1,238m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 6 May 2024, accession 0001628280-24-020628: the filing on EDGAR. All of CNH Industrial N.V.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install