CNH beats Q4 expectations, sees 2023 net sales up 6-10% (updated)
02/02/2023 13:26
(Adds details)
Feb 2 (Reuters) - CNH Industrial CNHI.MI sees its net
sales of industrial activities increasing between 6% and 10%
this year, the group said on Thursday, after posting
stronger-than-expected results in the last quarter of 2022.
Its adjusted earnings before interest and tax (EBIT) of
industrial activities rose to $680 billion from a pro-forma $378
billion a year earlier, before the truck-making business Iveco
IVG.MI was spun off.
That topped analysts' expectations of $566 million,
based on a market consensus provided by Intesa Sanpaolo.
Sales from industrial activities increased 31% at
constant currency to $6.35 billion, pushed by favourable price
trends and higher volumes.
The Italo-American farming and construction machine
maker said it would propose an annual cash dividend of 0.36
euros per share (about $0.38 per share).
The group also forecast its 2023 free cash flow (FCF) of
industrial activities at between $1.3 billion and $1.5 billion,
compared with $1.6 billion last year.
The company said it was pleased that the
strike
by two local unions at its factories in Wisconsin and Iowa
had been resolved.
(Reporting by Federica Urso; editing by Gavin Jones)
((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))