CNH Industrial third quarter revenues of $5.9 billion, operating profit of Industrial Activities of $245 million at a margin of 4.4%, net loss of $128 million including the exceptional charge of $150 million from the re-measurement of Venezuelan operations
Financial results under U.S. GAAP(*) (**)
- Third quarter revenues totaled $5.9 billion, down 13% compared to Q3 2014 on a constant currency basis (down 24% on a reported basis). Net sales of Industrial Activities were $5.5 billion, down 13% compared to Q3 2014 on a constant currency basis (down 25% on a reported basis).
- Operating profit of Industrial Activities for the quarter was $245 million ($522 million in Q3 2014), with operating margin at 4.4% (7.1% in Q3 2014).
- Costs for research and development and selling, general and administrative expenses were $772 million in Q3 2015, down $218 million reflecting primarily the results from the Efficiency Program.
- Net income before restructuring and other exceptional items for the period was $38 million or $0.03 per share. Reported net loss was $128 million, or -$0.09 per share, after a $150 million exceptional charge due to the re-measurement of the Venezuelan operations to prevailing SIMADI exchange rates to the U.S. dollar.
- Net industrial debt was $3.4 billion at September 30, 2015 ($3.0 billion at June 30, 2015) including the impact of the Venezuelan re-measurement of $133 million on cash and cash equivalents. Available liquidity totaled $7.4 billion ($7.8 billion at June 30, 2015).
- Full year guidance updated as follows: net sales of Industrial Activities in the range of $25-26 billion, with operating margin of Industrial Activities between 5.6% and 6.0% and net industrial debt at the end of 2015 between $2.1 billion and $2.3 billion.
(*) CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and IFRS. The following tables and discussion related to the financial results of the Company and its segments are prepared in accordance with U.S. GAAP. Financial results under IFRS are shown in specific tables at the end of this press release.
(**) Refer to the Non-GAAP Financial Information section of this press release for information regarding non-GAAP financial measures.
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