MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
BulletCredit Bullets
BulletCredit Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.