(Finance) – “CNH Industrial has registered a solid start to the year with record margins across both Agriculture and Construction segments and is showing progress in cost-saving initiatives. Furthermore, organic and inorganic investments – as evidenced by the three key acquisitions announced – drive technological development, which benefits our customers.” He said Scott Wine, CEO Of CNH Industrialin the presentation to the financial community of the results for the first quarter of 2023.
“We are confident that the record margins we have recorded can be surpassed throughout the year,” he added.
The CEO underlined, in particular, “the positive results of the Agriculture sector, with a strong demand in the row crop segment in North America and the rebound of retail activity in Brazil”. For the Construction sector, he spoke of “a demand that remains strong and growing production”.
“With interest rates on the rise and uncertainties between banking institutions, it’s important to have the right strength in the financial profile and this is possible thanks to the expertise of our teams,” he said, underlining the growth of the Financial Services portfolio, despite the pressure of rates on margins.
The company has improved 2023 revenue guidance, now seen growing between 8% and 11% yoy (including currency conversion effects), versus a previous forecast of growth between 6% and 10%. Speaking about the outlook, the CEO signaled “strong orders“, “accelerating Raven’s impact and integrating new acquisitions”, without ruling out new small M&A deals.