Adjusted EBIT of Industrial Activities(1)
As reported $ 555 $ 822 $ 657 $ 696 $ 2,730 $ 405 $ 536 $ 941
Revision
impacts (15) (17) (30) (34) (96) (33) (34) (67)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
As revised $ 540 $ 805 $ 627 $ 662 $ 2,634 $ 372 $ 502 $ 874
Adjusted EBIT margin of Industrial Activities(1)
As reported 11.6 % 13.8 % 12.3 % 11.6 % 12.4 % 9.8 % 11.2 % 10.5 %
Revision
impacts (0.3) % (0.3) % (0.5) % (0.6) % (0.5) % (0.8) % (0.7) % (0.7) %
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
As revised 11.3 % 13.5 % 11.8 % 11.0 % 11.9 % 9.0 % 10.5 % 9.8 %
Other Supplemental Financial Information
(Unaudited)
($ million) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Adjusted EBIT of Agriculture(1)
As reported $ 570 $ 821 $ 672 $ 669 $ 2,732 $ 421 $ 536 $ 957
Revision
impacts (15) (17) (30) (34) (96) (33) (34) (67)
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
As revised $ 555 $ 804 $ 642 $ 635 $ 2,636 $ 388 $ 502 $ 890
Adjusted EBIT Margin of Agriculture(1)
As reported 14.5 % 16.8 % 15.3 % 13.5 % 15.1 % 12.5 % 13.7 % 13.1 %
Revision
impacts (0.4) % (0.4) % (0.7) % (0.7) % (0.6) % (1.0) % (0.9) % (0.9) %
--------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
As revised 14.1 % 16.4 % 14.6 % 12.8 % 14.5 % 11.5 % 12.8 % 12.2 %
(1) This is a non-GAAP financial measure. See reconciliation to the most comparable U.S. GAAP financial measure below.
The following table includes the reconciliation of Adjusted EBIT for Industrial Activities to net income, the most comparable U.S. GAAP financial measure:
($ million) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Net Income (loss) -
as reported $ 486 $ 710 $ 570 $ 617 $ 2,383 $ 402 $ 438 $ 840
Revision impacts (15) (17) (30) (34) (96) (33) (34) (67)
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Net income (loss) -
as revised 471 693 540 583 2,287 369 404 773
Less: Consolidated
income tax expense (173) (192) (171) (58) $(594.SI)$ (77) (95) (172)
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Consolidated income
before taxes 644 885 711 641 2,881 446 499 945
Less: Financial
Services
Financial
Services Net
Income 78 94 86 113 371 118 91 209
Financial
Services Income
Taxes 29 26 34 47 136 19 23 42
Add back of the
following Industrial
Activities items:
Interest expense
of Industrial
Activities, net
of Interest
income and
eliminations 4 22 10 40 76 32 46 78
Foreign exchange
(gains) losses,
net of
Industrial
Activities 6 -- 21 78 105 -- 4 4
Finance and
non-service
component of
Pension and
other
post-employment
benefit costs
of Industrial
Activities (1) (1) -- 6 4 1 1 2
Adjustments for the
following Industrial
Activities items:
Restructuring
expenses 1 2 5 57 65 30 51 81
Other discrete
items (7) 17 -- -- 10 -- 15 15
------------------- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Total Adjusted EBIT
of Industrial
Activities $ 540 $ 805 $ 627 $ 662 $ 2,634 $ 372 $ 502 $ 874
--- -------------- --- -------------- --- -------------- --- -------------- --- -------------- --- -------------- --- -------------- --- --------------
Other Supplemental Financial Information
(Unaudited)
The following table includes the reconciliation of adjusted net income to net income, the most comparable U.S. GAAP financial measure and a calculation of the revised adjusted diluted EPS:
($ million,
except EPS) Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 H1 2024
------------------- ------------------ ------------------- ------------------ ------------------ ------------------- ------------------ ------------------
Net income
(loss) - as
reported $ 486 $ 710 $ 570 $ 617 $ 2,383 $ 402 $ 438 $ 840
Revision
impacts (15) (17) (30) (34) (96) (33) (34) (67)
------------------- ------------------ ------------------- ------------------ ------------------ ------------------- ------------------ ------------------
Net income
(loss) - as
revised 471 693 540 583 2,287 369 404 773
Adjustments
impacting
Income (loss)
before income
tax (expense)
benefit and
equity in
income of
unconsolidated
subsidiaries
and
affiliates (12) 13 (1) 53 53 25 60 85
Adjustments
impacting
Income tax
(expense)
benefit 1 (12) 1 (113) (123) (6) (13) (19)
------------------- ------------------ ------------------- ------------------ ------------------ ------------------- ------------------ ------------------
Adjusted net
income (loss) 460 694 540 523 2,217 388 451 839
Adjusted net
income (loss)
attributable
to CNH
Industrial
N.V. - as
reported 471 707 567 556 2,301 420 480 900
Revision
(MORE TO FOLLOW) Dow Jones Newswires
February 04, 2025 06:30 ET (11:30 GMT)
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