Key Takeaways
- CNH Q4 2024 Net Income: $176 million, down 70% year-over-year (Q4 2023: $583 million).
- Q4 2024 Consolidated Revenues: $4.88 billion, down 28% year-over-year.
- Industrial Free Cash Flow: $848 million in Q4 2024.
- Full-Year 2024 Net Income: $1.26 billion, down 45% year-over-year.
- Full-Year 2024 Net Sales of Industrial Activities: $17.06 billion, a 23% decline from 2023.
- 2025 Outlook: Lower net sales expected, with strategic inventory reductions and cost optimization efforts.
CNH Industrial’s Fourth Quarter 2024 Financial Performance
CNH Industrial N.V. (Profile) reported financial results for the three months ended December 31, 2024, highlighting continued challenging market conditions and a decline in industry demand.
Gerrit Marx, CEO of CNH Industrial, acknowledged the company’s efforts to align with market conditions: “As intended, Agriculture dealer inventory went down in Q4 by over $700 million due to focused retail sales support and 34% fewer production hours. Our proactive efforts to align our business structure with the current industry environment have allowed us to deliver products with reasonable margin erosion.”
Q4 2024 Key Metrics (Comparison vs. Q4 2023)
| Metric | Q4 2024 | Q4 2023 | Change |
|---|---|---|---|
| Net Income ($M) | 176 | 583 | -70% |
| Diluted EPS ($) | 0.14 | 0.44 | -0.30 |
| Consolidated Revenues ($B) | 4.88 | 6.79 | -28% |
| Net Sales of Industrial Activities ($B) | 4.13 | 6.02 | -31% |
| Gross Profit Margin of Industrial Activities | 19.5% | 21.8% | -230 bps |
| Industrial Free Cash Flow ($M) | 848 | 1,630 | -48% |
Business Segments Performance
CNH Industrial Agriculture Segment
- Q4 2024 Net Sales: $3.41 billion (-31% year-over-year).
- Adjusted EBIT: $244 million (-62% from Q4 2023).
- Declining industry volumes: North America tractors (>140 HP) down 34%, combines down 33%.
CNH Industrial Construction Segment
- Q4 2024 Net Sales: $718 million (-33% year-over-year).
- Adjusted EBIT: $18 million (-71%).
- Global industry volume for heavy construction equipment: +9%, but light construction equipment down 4%.
CNH Industrial Financial Services Segment
- Q4 2024 Revenues: $743 million (-3% year-over-year).
- Net Income: $92 million, a 19% decline from Q4 2023.
CNH Industrial Full-Year 2024 Results
Key CNH Industrial Full-Year Financial Metrics
| Metric | FY 2024 | FY 2023 | Change |
| Net Income ($M) | 1,259 | 2,287 | -45% |
| Diluted EPS ($) | 0.99 | 1.69 | -0.70 |
| Consolidated Revenues ($B) | 19.84 | 24.69 | -20% |
| Net Sales of Industrial Activities ($B) | 17.06 | 22.08 | -23% |
| Adjusted EBIT of Industrial Activities ($M) | 1,404 | 2,634 | -47% |
| Industrial Free Cash Flow ($M) | -401 | 1,216 | -1,617 |
CNH Industrial 2025 Outlook and Strategic Focus
CNH Industrial expects continued challenges in 2025, with lower global industry retail sales in both agriculture and construction equipment markets. The company remains focused on:
- Reducing excess inventory by producing fewer units than retail demand.
- Cost control strategies, including lean manufacturing and strategic sourcing.
- Managing SG&A and R&D expenses to mitigate margin erosion.
CNH Industrial 2025 Guidance
| Metric | 2025 Outlook |
| Agriculture Net Sales | Down 13% – 18% |
| Agriculture Adjusted EBIT Margin | 8.5% – 9.5% |
| Construction Net Sales | Down 5% – 10% |
| Industrial Free Cash Flow | $200M – $500M |
| Adjusted Diluted EPS | $0.65 – $0.75 |
Read the complete financial results here.
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