In the first quarter Cnh Industrial, the company active in agricultural and construction equipment and industrial vehicles, posted a net loss of $513 million, versus a gain of $23 million a year earlier, following previously announced extraordinary charges of $502 million , "relating to the investigation conducted on the Iveco division and other competitors by the EU Commission for alleged anti-competitive conduct". This was communicated by the group, whose adjusted net profit, which excludes these charges, is equal to one million dollars (from 33 million a year earlier).
Consolidated revenues fell by 9,9% to over €5,37 billion (-5,7% at constant exchange rates) and those from industrial activities by 9,8% to over €5,07 billion (-5,7% at constant exchange rates constant). The operating margin of industrial activities was 3,5% and net industrial debt, equal to 2,5 billion, exceeded by 0,9 billion at the end of December 2015, while available liquidity improved at the end of March from one billion to 8,2 billion. Confirmed the 2016 targets of revenues from industrial activities between 23 and 24 billion with an operating margin from industrial activities between 5,2 and 5,8% and net industrial debt at the end of the year between 1,5 and 1,8 billion " excluding any potential payment linked to the investigation by the EU Commission and related events".
In mid-afternoon, on a negative day for Piazza Affari, the Cnh share moved into positive territory at 6,605 euros per share.
