CNH Industrial 2021 Fourth Quarter and Full Year Results

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.

Attachments

• 20220208_PR_CNH_Industrial_Q4FY_ 2021
• 20220208_CS_CNH_Industrial_Q4FY_ 2021