Fitch Ratings (“Fitch”) has improved the Outlook of CNH Industrial N.V. to Positive from Stable. Fitch has also affirmed CNH Industrial N.V.’s and CNH Industrial Capital LLC’s Long-Term Issuer Default Ratings at ‘BBB-‘.
CNH Industrial’s 2019 first quarter results were announced in May”
- Industrial Activities net sales were $6.0 billion, down 5% compared to the first quarter 2018 (up 2% on a constant currency basis), with currency translation impact more than offsetting strong price realization performance in Agriculture and Construction, and sales volume improvements in Commercial and Specialty Vehicles
- Adjusted EBIT of Industrial Activities increased 7% to $278 million, with a 4.6% margin (up 50 basis points). Adjusted EBITDA of Industrial Activities was $525 million, with an 8.7% margin, flat compared to the first quarter of 2018
- Adjusted net income was $248 million in the first quarter of 2019, with adjusted diluted EPS of $0.18 (up 29% compared to the first quarter of 2018), a record first quarter result
- Net industrial debt at March 31, 2019 was $1.5 billion, $0.9 billion higher than at December 31, 2018 as a result of normal seasonal increase in working capital in the first quarter
- In March, CNH Industrial signed a €4 billion committed revolving credit facility, replacing an existing €1.75 billion facility, and CNH Industrial Finance Europe S.A. issued €600 million in principal amount of 1.75% notes due 2027 and guaranteed by CNH Industrial N.V.
- For 2019, CNH Industrial is reaffirming its guidance: net sales of Industrial Activities expected at approximately $28 billion, adjusted diluted EPS between $0.84 and $0.88, and net industrial debt between $0.4 billion and $0.2 billion