Steyr tractor parent CNH with record sales in the third quarter

Steyr tractor parent CNH with record sales in the third quarter

This corresponds to an increase of 23.9 percent compared to the same period in 2021 and is a record high. Net income was $559 million, up $99 million. EBIT was $670 million, up $250 million from the same period in 2021, the company said on Tuesday.

In the Agriculture segment, net sales rose 26 percent, driven by price increases and an improved product mix. The segment also reported a record EBIT margin of 14.8 percent.

In the construction segment, sales increased by 16 percent, driven by price increases and the acquisition of Italian metal construction company Sampierana in December 2021. Revenues in the Financial Services segment increased by 19 percent due to higher volumes in all regions. CNH owns the Case ICH and New Holland brands.

Following the spin-off of its subsidiary Iveco in January, CNH Industrial is listed in Milan and on Wall Street and now intends to focus on the agricultural and construction machinery business. Steyr Traktoren employs around 500 people at its location in Sankt Valentin.

“The CNH Industrial team delivered record third-quarter consolidated sales, up nearly 24 percent year-over-year. We reiterate our goal of generating over $1 billion in free cash flow for the full year by completing the and accelerate shipment of our inventory in the fourth quarter,” commented CEO Scott W. Wine.

Source: Nachrichten

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