CNH Industrial posts better-than-expected profit in Q1

07 May 2021 CW Team

Industrial vehicle maker and equipment manufacturer CNH Industrial told the media that it would include its defence and special vehicle businesses among assets aimed to spin-off, as it has ramped up its 2021 guidance and posted better-than-expected quarterly profits.

The vehicle machinery maker, Iveco commercial vehicles, construction equipment and powertrains, told the media its adjusted operating profit from industrial activities stood at $545 million in the first quarter, backed by a strong performance across its businesses.

This was well above a $275 million prediction in an analyst poll compiled by the media. Consolidated revenues were up by 37% to $7.47 billion. The company's Milan-listed shares were 4.8% higher at 1420 GMT, among the top gainers on Milan's blue-chip index.

CNH Industrial said it expected a robust demand to continue across regions and sectors for the rest of the year and forecast full-year sales to rise between 14-18% in 2021, up from a previous outlook of between 8-12%.

CNH, however, added that adverse trends in raw materials, especially steel, and as in freight and logistics costs, weighed on production costs in Q1, and that pressure is likely to continue for the remaining year.

In 2019, CNH Industrial had planned to split into two and separately list its lower-margin Iveco truck and bus business along with its FPT engine division to thrust asset values and streamline its businesses.

CNH Industrial, which is controlled by Exor, the holding company of Italy's Agnelli family, ended negotiations over a potential sale of its truck unit Iveco to China-based FAW Jiefang last month.

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