CNH Industrial Raises Full-year Revenue Forecast After Strong Q3
FY sales of industrial activities new seen up 16-18%
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Co confirmed forecast for telecharger 1win ios cash generation above $1 bln
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CEO says supply chain challenges will persist
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Adj.
EBIT rose to $670 mln in Q3, above forecasts
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Margin on adj. EBIT up 270 basis points in Q3 to 12.4%
(Retops after analyst call)
MILAN, Nov 8 (Reuters) -
Farming and construction
evels.
CFO Oddone Incisa told analysts the company expected to be able to maintain pricing levels into next year.
Milan-listed shares in CNH Industrial rose as much as 7% on Tuesday after the Italian-American manufacturer said net sales of industrial activities would grow between 16-18% this year, despite foreign exchange rates headwinds, versus a previous forecast for growth of between 12-14%.
They closed up 5.7%.
Wine said however that coming quarters would still be complicated, amid "significant" challenges persisting with global supply chains, despite ongoing modest improvements, currency volatility and inflation which he described as "relentless".
In the third quarter, CNH's adjusted earnings before interest and tax (EBIT) of industrial activities rose to $670 million from a pro-forma $420 million a year earlier, when truckmaking business Iveco was still part of the group.
That topped analyst expectations of $502 million, based on a Reuters poll.
Agriculture business accounted for over 80% of CNH's industrial revenues in the quarter and for virtually all of its operating earnings.
Increased production costs weighed on the quarter's result for $539 million, but they were more than offset by a positive effect from net pricing worth $723 million, the company said.
Margin on adjusted EBIT rose 270 basis points in the quarter, to 12.4%.
(Reporting by Giulio Piovaccari and Goplu, Editing by Cristina Carlevaro, Jane Merriman, Tomasz Janowski, Nerpy Scuba and Andrea Ricci)
damn seal
| [11:56:23] | nerpaseymour | | | look at this thang  |