Cnh Industrial archives the second quarter of 2016 with a net income of $129 million, up from 122 in the same period last year, including an additional non-tax deductible charge of $49 million related to the maxi fine arrived from the EU. The numbers gave wings to the company's stock on the Stock Exchange, which gained 8,5% in the mid-afternoon, at 6,45 euros, achieving the best rise of the Ftse Mib. Before the publication of the results, the CNH shares they were targeted by sales, so much so that they reached a minimum of 5,73 euros.
CNH also specifies that theadjusted net profit was 216 million dollars, while consolidated revenues they stood at $6,753 billion, down 2,9% from the same period in 2015.
THEnet industrial debt it stood at $2,1 billion as of June 30, 2016, down $0,3 billion from the prior quarter, thanks to $0,6 billion of cash flow from industrial activities.
THEtotal debt, on the other hand, as at 30 June it was equal to 26,3 billion, 0,5 billion more than in the previous three months, mainly due to the issuance of new bonds for 550 million euros in the second quarter, and in line with 31 December 2015.
The results of the second quarter “were solid – he commented Richard Tobin, Chief Executive Officer of CNH Industrial – we have continued to demonstrate our ability to operate within the context of our broad geographic and business portfolio, despite the large disparity, and continued weakness, in the prevailing demand conditions in the capital goods sector”.
Also on June 30, the available liquidity was $8,8 billion (including cash and cash equivalents and cash-for-default use of $5,8 billion, as well as available credit lines of $3,0 billion), 0,6 billion more than the three previous months, but down €0,5 billion since 31 December 2015.
As for the various segments, agricultural machines reported an operating profit of 301 million, compared to 263 million last year, and saw their net sales revenue fall by 7,5% in the three months, compared to the same period of 2015, down by 6,3 % at constant exchange rates. The division's operating margin increased 2 percentage points to 10,7%.
Le construction machines recorded net sales revenues down by 19,6% (-18,4% at constant exchange rates), with an operating profit down from 35 to 17 million.
As for the commercial vehicles, net sales rose by 5,1% (+6% at constant exchange rates), with an operating profit of 100 million (33 million more).
Powertrain reported net sales revenues up 8% (up 7% at constant exchange rates), operating income of $66 million (+13 million) and operating margin of 6,5% (up 0,9 .2015 percentage points compared to the second quarter of XNUMX).
It flies, i financial services achieved a net profit of 87 million and revenues of 399 million, with a decrease of 5,7% compared to the same period of 2015 (-3,4% at constant exchange rates).
In terms of targets, CNH Industrial confirmed goals for 2016: Industrials net revenues between $23 billion and $24 billion, with an industrial operating margin between 5,2% and 5,8%, and net industrial debt at the end of 2016 between $1,5 billion and $1,8 dollars, excluding the payment to the European Commission of approximately $500 million.
