CNH Industrial reports strong results, with all divisions performing ahead of earlier expectations. Consolidated revenues were $6.5 billion, adjusted net income was $156 million, and positive free cash flow of Industrial Activities was $1.0 billion. At quarter end, available liquidity was $13.2 billion.
Financial results presented under U.S. GAAP


“CNH Industrial’s Q3 2020 results were positively impacted by a general improvement, versus the first half of 2020, in market demand across most of our businesses and countries and, in particular, in the agriculture sector in North America. Results were also supported by our continued cost containment and cash preservation actions. As a result, we have reduced working capital in a quarter that is usually seasonally weak, have generated positive free cash flow of $1.0 billion, and have increased our available liquidity to $13.2 billion. In the quarter we have continued to prioritize looking after our people, supporting our dealers and customers and managing our supply chain. We expect these issues to remain as priorities during the coming months given the global spiking of COVID-19. However, alongside this, we are also investing in new technologies across all our businesses, embracing new ways of working learned through the pandemic and positioning our businesses for strong and profitable growth. Work on all the elements of the strategy outlined at our 2019 capital markets day has recommenced, including the preparation for the spin-off of our on-highway business. I am pleased with the results obtained in this quarter, and I am grateful for the efforts made by all my colleagues in CNH Industrial to support our dealers and customers through this period. We are now focused on completing the rest of this year strongly, embracing and addressing all the challenges and opportunities it presents and ensuring that we create a solid foundation for 2021.”

Suzanne Heywood, Chair and Acting CEO


2020 Third Quarter Results
(all amounts $ million, unless otherwise stated – comparison vs Q3 2019

Consolidated revenues
+3% c.c.(*)
Adjusted EBIT of Industrial Activities
of which Net sales of Industrial Activities
+4% c.c.
Adjusted EBIT Margin of Industrial Activities
Net loss

Adjusted net income
Diluted loss per share $
Adjusted diluted EPS $
Cash flows from operating activities
Free cash flow of Industrial Activities
Cash and cash equivalents
Available liquidity


(*) c.c. means at constant currency - (**) comparison vs June 30, 2020

(1) This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.