CNH Industrial shares fall after third-quarter profit miss, forecast cut [Yahoo! Finance]
CNH Industrial N.V. Common Shares (CNH)
US:NYSE Investor Relations:
cnhindustrial.com/en-us/investor_relations/overview/pages/default.aspx
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Source: Yahoo! Finance
profit estimates and cut its 2024 profit forecast due to weak demand and reduced dealer inventory requirements. The company trimmed its annual adjusted profit view to the range of $1.05 to $1.15 per share from $1.30 to $1.40 expected earlier, lowering the forecast for the third consecutive quarter. CNH expects annual sales at its agriculture segment to be down between 22% and 23% from a year earlier, compared with a prior view of down 15% to 20%. A record crop harvest has kept grain inventories elevated and pressured crop prices, which, coupled with higher input costs, has prompted farmers to delay their equipment purchasing decisions. This delay, in turn, has forced dealers to moderate their product restocking, causing equipment makers such as CNH Industrial to reduce production. However, the Basildon, UK-based company's quarterly revenue, though down 22.3% at $4.65 billion from a year ago, beat analysts' average estimate of $4.58 billion, according to data compiled by LSEG
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