2020 Fourth Quarter and Full Year Results
February 03 2021 - 8:00AM
The following is an extract from the “CNH
Industrial 2020 fourth quarter and full year results” press
release. The complete press release can be accessed by visiting the
media section of the CNH Industrial corporate website:
https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx
or consulting the accompanying PDF:
CNH Industrial reports strong results for
Q4 2020. Consolidated revenues of $8.5 billion (up 10%) and
adjusted EBIT of Industrial Activities of $520 million (up 73%),
with all segments up year over year. Net income of
$187 million and adjusted net income of $432 million. Positive
free cash flow of Industrial Activities of $2.4 billion.
Industrial Activities net cash of $0.8 billion at December 31,
2020.
Financial results presented under U.S. GAAP
Net sales of Industrial Activities up 12% due
to higher volumes and favorable price realization, mainly in
Agriculture and Commercial and Specialty Vehicles.
Adjusted EBIT of Industrial Activities
increased
$219 million, with stronger
performance from all segments compared to Q4 2019. Agriculture
adjusted EBIT margin above 11%, C&SV at 3.3%.
Adjusted net income of $432
million (adjusted diluted earnings per
share of $0.30), an increase of $153
million from 2019, after excluding certain items from the
$187 million reported net income, primarily
the $134 million negative fair value adjustment of the investment
in Nikola Corporation, and $125 million ($95
million after-tax) non-cash settlement charge resulting from the
purchase of annuity contracts to settle a portion of the
outstanding U.S. pension obligations.
Record positive free cash flow of Industrial
Activities of $2.4 billion resulting
from the strong operating performance and working capital
management. Total Debt of $26.1 billion at December 31, 2020.
Industrial Activities net cash
position achieved for the first time in CNH Industrial’s history,
at $0.8 billion, an improvement of
$2.3 billion from September 30, 2020.
Available liquidity at a record level of
$15.9 billion at
December 31, 2020. In October, CNH Industrial
Capital LLC issued $500 million in aggregate
principal amount of 1.875% Notes due 2026. In December, CNH
Industrial Finance Europe S.A. issued €750 million in
aggregate principal amount of 0.000% Notes due 2024. Concurrently,
CNH Industrial N.V. prepaid £600 million of commercial paper
due 2021 issued in April through the Joint HM Treasury and Bank of
England’s Covid Corporate Financing Facilities.
- 20210203_PR_CNH_Industrial_Q4FY_2020
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