CNH Industrial 2021 Fourth Quarter and Full Year Results
08 Februar 2022 - 01:30PM
The following is an extract from the “CNH
Industrial 2021 Fourth Quarter and Full Year Results” press
release. The complete press release can be accessed by visiting the
media section of the CNH Industrial corporate website:
www.cnhindustrial.com/en-us/media/press_releases or consulting the
accompanying PDF:
CNH Industrial reports strong full year
performance in 2021, the last year of operations prior to the
demerger of Iveco Group effective January 1, 2022.
Consolidated revenues of
$33.4 billion (up
28% year on year), net income of $1,760
million, with adjusted diluted EPS of
$1.35, and adjusted EBIT of
Industrial Activities of $2,114 million the highest in Company
history. Free cash flow of Industrial Activities positive
$1,751 million.
Financial results presented under U.S. GAAP
Net sales of Industrial Activities of
$31,622 million, up 30% with increases in all
segments due to continued strong industry demand and price
realization.
Adjusted EBIT of Industrial Activities of
$2,114 million ($552 million in 2020), with
Agriculture adjusted EBIT of $1,810 million and adjusted EBIT
margin of 12.3% in the year. Adjusted EBIT increased by $391
million for Commercial and Specialty Vehicles and $274 million for
Construction. Powertrain adjusted EBIT of $256 million
($233 million in 2020).
Adjusted net income of $1,880
million, with adjusted diluted earnings per
share of $1.35 (adjusted
net income of $437 million and adjusted diluted earnings per share
of $0.28 in 2020).
Reported income tax expense of $342 million, which includes a
$161 million tax benefit related to recognizing certain deferred
tax assets. Adjusted effective tax rate (adjusted
ETR) of 23%, which reflects a
favorable geographic mix of pre-tax earnings.
Free cash flow of Industrial Activities was
positive
$1.8 billion due to the
strong operating performance. Total Debt of $23.7 billion at
December 31, 2021 ($26.1 billion at December 31, 2020).
Industrial Activities net cash
position at $0.3 billion, a decrease of
$0.5 billion from
December 31, 2020, primarily due to the
cash-out for the acquisition of 100% interest in Raven
($2,246 million) and 90% interest in Sampierana
($86 million).
Available liquidity at $12.1
billion as of December 31, 2021.
- 20220208_PR_CNH_Industrial_Q4FY_ 2021
- 20220208_CS_CNH_Industrial_Q4FY_ 2021
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