CNH Industrial Profit Falls; Reaffirms FY Outlook

(RTTNews) - CNH Industrial N.V. (CNHI) Thursday reported a lower third-quarter profit due mainly to a decline in sales of construction and agricultural equipment.

For the third quarter, profit attributable to the owners of the parent declined to 206 million euros or 0.17 euros per share from 256 million euros or 0.21 euros per share last year.

Trading profit for the quarter slid to 508 million euros from 570 million euros a year ago and trading margin fell to 8.2 percent from 9 percent.

CNH Industrial sells agricultural and construction equipment, trucks and specialty vehicles, as well as a portfolio of powertrain applications.

The Basildon, UK-based company said its revenues for the quarter edged down 1.5 percent to 6.22 billion euros from 6.31 billion euros last year.

Revenues from its key construction and agricultural equipment segment slid 5 percent from a year ago. Trucks and commercial vehicles were up 2 percent and powertrain sales climbed 18 percent.

For fiscal year 2013, the company still expects revenues to grow 3 percent to 4 percent and trading margin to expand 7.5 percent to 8.3 percent. It estimates net industrial debt between 1.4 billion euros and 1.6 billion euros.

CNH Industrial was formed by the September merger between Fiat Industrial S.p.A and CNH Global N.v.

The company's stock closed Thursday at $11.74, down $0.41 or 3.35%, on a volume of 780 thousand shares on the NYSE.