CNH Industrial Reports FY Q4 2024 Results

CNH Industrial Q4 2024 net income fell to $176 million from $583 million last year, with revenues down 28% to $4.88 billion.

London, UK - CNH Industrial N.V., an agricultural machinery company, reported Q4 2024 net income of $176 million, down from $583 million in Q4 2023. Consolidated revenues fell 28% to $4.88 billion, while net sales from industrial activities dropped 31% to $4.13 billion year-over-year.

In Q4 2024, CNH Industrial reported net cash from operating activities of $1,692 million and Industrial Free Cash Flow of $848 million. For the full year, consolidated revenues were $19.84 billion, down 20%, with industrial sales at $17.06 billion, down 23%. Net income for 2024 was $1,259 million, compared to $2,287 million in 2023, while adjusted net income was $1,339 million, down from $2,217 million. Full-year net cash from operating activities was $1,968 million, with Industrial Free Cash Flow absorption of $401 million.

In Q4 2024, North America saw a 34% decline in industry volume for tractors over 140 HP and a 10% drop for those under 140 HP, with combines down 33%. In EMEA, tractor demand fell 6% and combines 31%, including an 8% drop for tractors and 11% for combines in Europe. South America experienced a 5% decrease in tractor demand and a 21% decline in combines. In Asia Pacific, tractor demand rose 10%, while combine demand dipped 1%.

Agriculture net sales declined by 31% in Q4 to $3.4 billion, largely due to reduced shipment volumes driven by weaker industry demand across all regions and dealer destocking. This decrease reflects challenging market conditions and inventory adjustments throughout the supply chain.

Mr. Gerrit Marx, CEO of CNH Industrial, said, “I applaud the CNH team’s dedication to achieve the tasks we gave ourselves to close 2024. As intended, Agriculture dealer inventory went down in Q4 by over $700 million due to focused retail sales support and 34% fewer production hours. The challenging market conditions will continue at least through the first half of 2025, and we will keep production levels fairly low by design to drive channel inventory down further. I am confident that our continuing efforts to simplify, streamline, and raise the quality of our operations prepare us well for the regional cycle dynamics ahead.”