CNH Industrial plummets on lowered 2023 guidance, Milan delisting
07/11/2023 14:14
** Milan-listed shares in CNH Industrial CNHI.MI fall
around 14% after the agricultural and construction machinery
maker lowered its forecast for 2023, a Milan-based trader says
** CNH now expects its net revenue from industrial
activities to increase between 3-6% this year, down from a
previous forecast of 8-11%
** The group also approved a $1 billion buyback program and
said it plans to delist from Euronext Milan by the end of 2023
** European funds are selling the stock ahead of the move to
the New York Stock Exchange, the trader adds
** The company further announced a restructuring plan that
will initial entail trimming 5% of its salaried workforce costs
and it expects ultimately to reduce its total workforce expenses
by 10 to 15%
** Shares are repeatedly halted from trading and fall as
much as 14.8% to 9.02 euros ($9.63), their lowest since Feb 2021
($1 = 0.9369 euros)
(Reporting by Alessandro Parodi and Giancarlo Navach
Editing by Keith Weir)
((alessandro.parodi@thomsonreuters.com))