CHNI’s Q3 20 sales (+3% yoy) and net income (+95.2% yoy) came in above expectations. This recovery (9M 20 sales: -14% yoy vs. H1 20: -21.4% yoy) was driven by its two largest segments (agriculture: +10.9% yoy, and commercial and speciality vehicles: +1.7% yoy, in Q3 20). In line with the current market conditions, CNHI incurred higher risk costs. Lastly, the company expects its industrial activities’ sales to contract between 10% yoy and 15% yoy, with a positive FCF.
06 Nov 2020
Agriculture equipment set to continue outperforming in the short term
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Agriculture equipment set to continue outperforming in the short term
CHNI’s Q3 20 sales (+3% yoy) and net income (+95.2% yoy) came in above expectations. This recovery (9M 20 sales: -14% yoy vs. H1 20: -21.4% yoy) was driven by its two largest segments (agriculture: +10.9% yoy, and commercial and speciality vehicles: +1.7% yoy, in Q3 20). In line with the current market conditions, CNHI incurred higher risk costs. Lastly, the company expects its industrial activities’ sales to contract between 10% yoy and 15% yoy, with a positive FCF.