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CAPITAL GOODS: CNH Industrial (Baa2/BBB+/BBB+): 2Q24 Results

CAPITAL GOODS

Another tough release in the sector, a risk we flagged following AGCO yesterday. Negative for spreads, consensus figures are well above new guidance. Slightly disappointing the new CEO hasn’t taken the opportunity to take a more defensive stance on capital allocation given market conditions.

  • CNH reported revenue 3% below consensus, down 16% YoY due to well-known tough trading conditions on lower crop prices; construction was also down significantly but has a better FY outlook. 
  • Adj. EBIT was in-line, 35% lower YoY.
  • FCF dropped 64% YoY to $140mn.
  • FY24 outlook downgraded with sales seen 15-20% down (10-14%a previously), EBIT margin seen 50bp lower at 10-11%, FCF range lowered by $0.4bn to $0.7-0.9bn.
  • Webcast 14.30 BST https://events.q4inc.com/attendee/907186221.
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