(Finance) – CNH closed the second quarter with net revenues from industrial activities equal to 5,613 million dollars, in growth of 17.5% compared to the previous year, partially offset by a negative exchange rate effect of almost 3%. Adjusted EBIT is equal to 654 million dollars (572 million dollars in the second quarter of 2021), with both segments up compared to the previous year. The Adjusted EBIT margin of the Agriculture segment is 14% and that of Construction 3.8%.
Adjusted Net Income was $ 583 million (Adjusted net income of $ 507 million in Q2 2021, with Adjusted diluted EPS of $ 0.43 ($ 0.37 in the same period last year).
“The solid results of the second quarter show that the attention of the CNH Industrial team is focused on achieving the objectives, excelling both for the tactical ability to guarantee the respect of the commitments made with customers, and for the remarkable progress made in our strategic initiatives, “he says Scott WineCNH Chief Executive Officer, “Looking ahead, we have exciting new products in store to unveil at upcoming trade shows and our year-end Tech Day” and “we believe we can deliver on our full-year outlook, but expect conditions decidedly less favorable for the next quarters “.
Total debt at 30 June 2022 it is equal to 20.8 billion dollars ($ 20.9 billion as of December 31, 2021). Net Debt from Industrial Activities of $ 1.6 billion, an increase of $ 438 million compared to December 31, 2021. Free Cash Flow of Industrial Activities of $ 404 million. Manufacturing inventories remain high, due to the constraints in the logistics-production chain, while inventories of finished products are limited compared to the level of sales.
The Board of Directors has approved a buy-back program of treasury shares up to 300 million dollars, to be launched upon completion of the existing $ 100 million program.