CNH Industrial (NYSE:CNH) Stock

CNH Industrial

CNH Global N.V.

NYSE

CNH Industrial NV is a global manufacturer of heavy machinery, with a range of products including agricultural and construction equipment. One of its most recognizable brands, Case IH, has served farmers for generations. The company's products are available through a robust dealer network, which includes over 3,600 dealer and distribution locations worldwide. CNH's finance arm provides retail financing for equipment to its customers in addition to wholesale financing for dealers, which increases the likelihood of product sales.

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CNH Industrial Q4: Mixed Earnings, Weak 2025 Outlook, Prolonged Market Headwinds And More

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The earnings of CNH Industrial are expected to rebound in 2025 due to improved market conditions and company-specific catalysts. Analyst upgraded rating and set target price at $16.

CNH Industrial Analyst Sees 2025 As Pivotal Year For Recovery

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Evercore ISI Group maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a In-Line and raises the price target from $11 to $13.

Price Target

Evercore ISI Group Maintains In-Line on CNH Industrial, Raises Price Target to $13

Citigroup analyst Kyle Menges maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a Buy and raises the price target from $13 to $15.

Citigroup Maintains Buy on CNH Industrial, Raises Price Target to $15

CNH Industrial CEO Says Dealer Inventory Is Still More Than About One Month Of Sales; We Expect The Industry To Reach The Trough During 2025; We Expect First Half To Be Pricing Flat To Slightly Down; Tariffs Will Lead To Immediate Pricing Activities; We Assume Retail Demand In North America To Only Bottom Out And Then Slightly Increase Again In 2026; CFO Says I Would Expect Lower Margins In Q1 And Q2

CNH Industrial NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) shares are trading higher after the company reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/g43457431/cnh-industrial-n-v-reports-fourth-quarter-and-full-year-2024-results" rel="noreferrer noopener">mixed fourth-quarter results</a>.
CNH&#8217;s quarter revenue declined by 28.2% year-over-year to $4.876 billion, beating the consensus of $4.513 billion. Adjusted EPS was $0.15, down from $0.39 a year ago and <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">below the consensus of $0.18.</a>
Net sales of Industrial Activities declined 31% year over year to $4.129 billion, primarily driven by reduced shipment volumes resulting from lower industry demand and dealer inventory reductions.
The gross profit margin of Industrial Activities fell by 230 basis points to 19.5%. Adjusted EBIT margin of Industrial Activities contracted 630 bps YoY to 4.7%, with Adjusted EBIT of Industrial Activities down 71% to $194 million.
Operating activities generated $1.692 billion in cash flow during the quarter, up from $1.515 billion a year ago. Free cash flow for Industrial Activities totaled $848 million.
Agriculture Segment net sales fell 31% year over year to $3.4 billion due to lower shipment volumes, weaker industry demand, and dealer destocking.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/earnings-beats/25/01/43278206/cnh-industrial-analyst-sees-2025-as-pivotal-year-for-recovery" rel="noreferrer noopener">CNH Industrial Analyst Sees 2025 As Pivotal Year For Recovery</a>
Agriculture dealer inventory dropped over $700 million in the quarter due to retail sales support and a 34% cut in production hours. Proactive adjustments helped maintain margins.
North American industry volume&nbsp;fell 34% for tractors&nbsp;over 140 HP, fell 10% for tractors under 140 HP, and combines dropped 33%. EMEA saw tractor and combine demand down 6% and 31%, with Europe declining 8% and 11%, respectively.
Construction Segment net sales dropped 33% YoY to $718 million due to lower shipments and dealer destocking, mainly in North America.
Global heavy construction equipment demand rose 9%, while light equipment fell 4%. Demand was flat in North America, down 11% in EMEA, and up 14% in South America and 8% in Asia Pacific.
Financial Services revenues fell 3% due to lower equipment sales and currency impacts, partially offset by higher portfolio balances (excluding EMEA) and increased base rates in South America.
The managed portfolio was $27.8 billion as of December 31, 2024, down $1.1 billion year-over-year. Receivables greater than 30 days past due were down sequentially to&nbsp;1.9%; however, they were elevated from 1.4%&nbsp;as of December 2023&#8217;s end, reflecting economic and environmental factors impacting farmers, specifically in South America.
&#8220;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,&#8221; commented Gerrit Marx, Chief Executive Officer.
2025 Outlook: CNH expects lower global industry retail sales in agriculture and construction equipment markets in 2025. The company sees adjusted EPS of $0.65 – $0.75 vs. the consensus of $0.87. Also, the company expects 2025 <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">net sales to be lower than in 2024.</a>
The company expects the Agriculture segment net sales to decline 13% – 18%, with an adjusted EBIT margin of 8.5% – 9.5%.
Construction net sales are projected to drop 5% – 10%, with the Free Cash Flow of Industrial Activities between $200 million and $500 million.
Price Action: CNH shares traded higher by 3.50% at $13.00 at last check Tuesday.
Image via Shutterstock.

CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) reported quarterly earnings of $0.15 per share which missed the analyst consensus estimate of $0.18 by 16.67 percent. This is a 61.54 percent decrease over earnings of $0.39 per share from the same period last year. The company reported quarterly sales of $4.876 billion which beat the analyst consensus estimate of $4.513 billion by 8.04 percent. This is a 28.21 percent decrease over sales of $6.792 billion the same period last year.

Earnings Misses

CORRECTION: CNH Industrial Q4 2024 Adj. EPS $0.15 Misses $0.18 Estimate, Sales $4.876B Beat $4.513B Estimate

General

CNH Industrial shares are trading lower after the company issued FY25 adjusted EPS results below estimates.

Consequently, the Company is providing the following 2025 outlook:
<ul>
<li>Agriculture segment net sales(6) down between 13% and 18% year-over-year, including currency translation effects</li>
<li>Agriculture segment adjusted EBIT margin between 8.5% and 9.5%</li>
<li>Construction segment net sales(6) down between 5% and 10% year-over-year, including currency translation effects</li>
<li>Free Cash Flow of Industrial Activities(7) between $200 million and $500 million</li>
<li>Adjusted diluted EPS(7) between $0.65 to $0.75</li>
</ul>

CNH Industrial FY25 Adj. EPS Outlook Of $0.65-$0.75 Vs, $0.87 Estimate

CNH Industrial Revises Prior Periods To Reflect An Immaterial Correction To Financial Statements

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Earnings Scheduled For February 4, 2025

Equipment manufacturer CNH Industrial NV's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) earnings are likely to bottom out in 2025, after around two years of equipment sales declines, according to Oppenheimer.
The CNH Industrial Analyst: <a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6033dff0bb72670001bd2ade/kristen-owen">Analyst Kristen Owen</a> upgraded the rating for CNH Industrial from Perform to Outperform, while establishing a price target of $16.
The CNH Industrial Thesis: While the third-quarter earnings season has boosted investor sentiment in the space, there are "incremental catalysts" in 2025 that could "support a reversion trade for CNH," Owen said in the upgrade note.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
After guidance provided by rivals Deere &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) and AGCO Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGCO#NYSE">AGCO</a>), CNH Industrial is "coming into 4Q results with the advantage of a lowered bar," the analyst stated.
While the equipment fundamentals remain challenging in 2025, "we are encouraged by the recent improvement in grain prices as a potential tailwind to global farm income," she added.
"Company specific catalysts include potential incremental cost savings programs, May investor day, and potential Construction monetization," Owen further wrote.
CNH Price Action: Shares of CNH Industrial down 0.3% to $13.12 at the time of publication on Tuesday.
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Photo: Shutterstock

Oppenheimer analyst Kristen Owen upgrades CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) from Perform to Outperform and announces $16 price target.

Oppenheimer Upgrades CNH Industrial to Outperform, Announces $16 Price Target

JP Morgan analyst Tami Zakaria maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a Neutral and raises the price target from $12 to $13.

JP Morgan Maintains Neutral on CNH Industrial, Raises Price Target to $13

WIIM

CNH Industrial shares are trading higher after Bernstein upgraded the stock from Market Perform to Outperform and raised its price target from $11 to $17.

Bernstein analyst Nicholas Green upgrades CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) from Market Perform to Outperform and raises the price target from $11 to $17.

Bernstein Upgrades CNH Industrial to Outperform, Raises Price Target to $17

Truist Securities analyst Jamie Cook maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a Buy and raises the price target from $14 to $17.

Truist Securities Maintains Buy on CNH Industrial, Raises Price Target to $17

Morgan Stanley analyst Angel Castillo upgrades CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) from Equal-Weight to Overweight and raises the price target from $11 to $16.5.

Morgan Stanley Upgrades CNH Industrial to Overweight, Raises Price Target to $16.5

Citigroup analyst Kyle Menges maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a Buy and raises the price target from $13 to $14.

Citigroup Maintains Buy on CNH Industrial, Raises Price Target to $14

On CNBC's &#8220;<a href="https://www.benzinga.com/topic/mad-money-lightning-round">Mad Money Lightning Round</a>,&#8221; Jim Cramer said MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) is a Bitcoin play and he prefers to <a href="https://www.benzinga.com/quote/MSTR/analyst-ratings">actually own </a>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).
MicroStrategy announced it completed its previously announced offering of its 0% convertible senior notes due 2029. MicroStrategy said the aggregate principal amount of the notes sold in the offering was $3 billion, which includes $400 million aggregate principal amount of notes issued pursuant to an option to purchase.
When asked about Oscar Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSCR#NYSE">OSCR</a>), he said, &#8220;Until I saw that Mark Bertolini is the CEO, I didn't really have much in store for this. But Bertolini's a winner and a hitter.&#8221;
On Nov. 7, Oscar Health reported a quarterly loss of 22 cents per share which missed the analyst consensus estimate of a loss of 19 cents per share. The company reported quarterly sales of $2.42 billion which beat the analyst consensus estimate of $2.34 billion.
CNH Industrial N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) is a &#8220;second-rater,&#8221; Cramer said. &#8220;I want to go with best of breed, and best of breed is John Deere (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>).&#8221;
On Nov. 7, CNH Industrial reported worse-than-expected third-quarter EPS results and also lowered FY24 adjusted EPS outlook.
&#8220;The former, BGS, is a total loser and has been a loser for many, many years,&#8221; Cramer said when asked about B&amp;G Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BGS#NYSE">BGS</a>).
On Nov. 5, B&amp;G Foods reported worse-than-expected third-quarter financial results and issued FY24 net sales guidance below estimates.
When asked about Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), he said, &#8220;It's moth to flame, but I don't know how close the moth is to the flame.&#8221;
On Nov. 19, Goldman Sachs analyst Noah Poponak maintained Rocket Lab with a Neutral and raised the price target from $5 to $12.
Price Action:
<ul>
<li>Oscar Health shares fell 4.1% to settle at $16.31 on Thursday.</li>
<li>CNH Industrial shares gained 4.6% to close at $11.92.</li>
<li>Rocket Lab shares gained 11.1% to close at $22.41.</li>
<li>MicroStrategy shares fell 16.2% to settle at $397.28 during the session.</li>
</ul>
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Image: Shutterstock

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Baird analyst Mircea Dobre maintains CNH Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) with a Outperform and lowers the price target from $14 to $13.

Baird Maintains Outperform on CNH Industrial, Lowers Price Target to $13

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