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2018 FOURTH QUARTER AND FULL YEAR RESULTS

​​​​​​​​​​​​​​​​​​​​​CNH Industrial reported strong Q4 and full year 2018 results. 
Consolidated revenues of $29.7 billion, with net income of $1.1 billion or $0.78 per share. Net industrial debt(3)(4)​ at $0.6 billion ​​​​

Financial results presented under U.S. GAAP(1)​(2)

  • Industrial Activities net sales in 2018 were up 8% compared to 2017 (up 7% on a constant currency basis), with solid growth in all segments
  • Adjusted EBIT(3)(4) of Industrial Activities increased almost 40% to $1,585 million, with a 5.7% margin (up 1.3 percentage points). Adjusted EBITDA(3)(4) of Industrial Activities was $2,671 million, with a 9.6% margin (up 1.1 percentage points)
  • Adjusted net income(3)(4) was $1,117 million (a $466 million increase compared to 2017), with adjusted diluted EPS(3)(4) of $0.80 (up 74% compared to 2017)
  • Net industrial debt at December 31, 2018 was $0.6 billion, a one third decrease compared to December 31, 2017
  • On December 3, Moody’s Investors Service upgraded the senior unsecured ratings of CNH Industrial N.V. and its subsidiaries CNH Industrial Capital LLC and CNH Industrial Finance Europe S.A. from “Ba1” to “Baa3” with a “stable” outlook
  • The Board of Directors is recommending a dividend of €0.18 per common share, or approximately €244 million (~$278 million), an increase of approximately 30%​
  • For 2019, CNH Industrial expects net sales of Industrial Activities at approximately $28 billion, and adjusted diluted EPS between $0.84 and $0.88. Net industrial debt expected between $0.4 billion and $0.2 billion
  • ​As announced on January 14, 2019, the Company has started a strategic assessment of its businesses, including the determination of targets for each of them, which will culminate in the presentation of a new Strategic Business Plan in a Capital Markets Day to be scheduled in the course of 2019

 

Summary of Results ​ 
($ million except EPS)
Year Ended December 31,​
 
Three Months Ended December 31​​
2018
2017​​
Change
 
2018
2017
Change​​​
29,706​​
27,701​
7.2%​
Consolidated revenues​
8,202​
8,224​
-0.3%​
1,099​
290​
809​​
Net income (loss)​
258​
(52)​
310​​
1,117​
651​​
466​
Adjusted net income
294​
190​
104​
0.79​
0.20​
0.59​
Basic EPS ($) ​
0.19​
(0.04)​
0.23​
0.78​
0.20​
0.58​
Diluted EPS ($)
0.19​
(0.04)​
0.23​
0.80​
0.46​
0.34​
Adjusted diluted EPS ($)​
0.21​
0.13​
0.08​


​(1) CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown in specific tables at the end of this press release.

(2) On January 1, 2018, the Company adopted, on a retrospective basis, updated FASB accounting standards for revenue recognition (ASC 606), retirement benefits accounting (ASU 2017-07) and cash flow presentation (ASU 2016-18) and began using Adjusted EBIT and Adjusted EBITDA. Please refer to “About this Press Release” section of this press release for additional information.

(3) This item is a non-GAAP financial measure. Refer to the “About this Press Release” and “Non-GAAP Financial Information” sections of this press release for information regarding non-GAAP financial measures.

(4) Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

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  • 2018 FOURTH QUARTER AND FULL YEAR RESULTS