CNH Industrial posts higher operating profit in Q2, confirms 2023 guidance (updated)
28/07/2023 13:20
(Adds detail on EBIT margin, guidance, updates share move)
MILAN, July 28 (Reuters) - Agricultural and construction
machine maker CNH Industrial CNHI.MI CNHI.N said on Friday
its operating profit grew in the second quarter on favourable
market conditions and growing sales.
The Italian-American group confirmed its 2023 outlook for
its industrial activities, which brokerage Banca Akros had
considered as "very cautious" compared to some peers.
Milan-listed shares extended earlier losses after
results were published and were down more than 4% by 1217 GMT.
The company said its adjusted earnings before interest and
tax (EBIT) from industrial activities rose by over 25% to $822
million in the April-June period.
Its quarterly margin on adjusted EBIT was 13.8%, up from
11.7% in the same period last year.
(Reporting by Giulio Piovaccari, Alessandro Parodi, editing by
Gavin Jones)
((giulio.piovaccari@thomsonreuters.com))