CNH Industrial N.V. (CNH): restructuring charge — CNH Industrial Q3 net income $570M; announces restructuring and $1B buyback

CNH Industrial N.V.

2023-Q3 EPS reported $1.30 revenue$17,895,000,000

Q3 net income $570M ($0.42 diluted EPS), revenue $5.99B (+2% YoY); Agriculture margin up 50 bps to 15.3%, Construction margin up 360 bps to 6.3%.
Restructuring: 5% salaried workforce cost reduction with up to $200M pre-tax charges in Q4 2023 and H1 2024.
Board approved delisting from Euronext Milan, single listing on NYSE expected early January 2024.
Board authorized $1.0B share buyback program from Nov 8, 2023 to Mar 1, 2024 to optimize capital structure.
Full-year adjusted EPS target maintained at ~$1.70; Industrial free cash flow guidance narrowed to $1.0-1.2B.

item 2.02 item 2.05 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CNH Industrial N.V. reported the third quarter of 2023 results: revenue $5.99 billion, net income $570 million, EPS diluted earnings per share of $0.42. Guidance reaffirmed.

Period: the third quarter of 2023
Revenue: $5.99 billion
Net income: $570 million
EPS: diluted earnings per share of $0.42
Guidance: reaffirmed
Result: reported results

Exact text from the filing

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today reported results for the three months ended September 30, 2023 with net income of $570 million and diluted earnings per share of $0.42 compared with net income of $559 million and diluted earnings per share of $0.41 for the three months ended September 30, 2022. Consolidated revenues were $5.99 billion (up approximately 2% compared to Q3 2022) and Net sales for Industrial Activities were $5.33 billion (a decrease of approximately 1% compared to Q3 2022).

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CNH Industrial N.V. announced a restructuring with charges of up to $200 million affecting Company-wide (approximately 5% of the Company's salaried workforce cost).

Type: restructuring
Charge: up to $200 million
Affected area: Company-wide
Headcount: approximately 5% of the Company's salaried workforce cost

Exact text from the filing

the Company estimates that it will incur pre-tax restructuring and related charges of up to $200 million primarily related to employee severance and benefits cost to be incurred in the fourth quarter of 2023 and the first six months of 2024.

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Source: SEC EDGAR

accession 0001628280-23-037188

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