In its second year as a “pure-play agriculture and construction company,” CNH reported record revenues and net income for 2023.
With an increased allocation to research and development and capital expenditure investments, a total of 72 new products were launched in 2023, many of which integrated with in-house tech solutions.
The company’s portfolio of construction equipment is sold under three brands: Case Construction Equipment, New Holland Construction, and most recently, Eurocomach, part of the portfolio acquired with Sampierana.
Sales in the company’s construction sector were up 10% in 2023 at $3.9 billion.
The full-year report from the company shows revenues of $24.7 billion, up 5% year-over-year, and a net income of $2.38 billion, a nearly 15% increase compared to a 2022 net income of $2.04 billion.
“Two years ago, we established ambitious margin targets for our agriculture and construction segments, which we achieved earlier than planned,” said Scott Wine, CNH's chief executive officer. "These results, in conjunction with record full-year revenue and net income, reflect the CNH team's tireless efforts to simplify the company, expand through-cycle margins, integrate world-class technology with our great iron, and put our customers at the center of everything we do."
Wine said construction margins were up 230 basis points in Q4 and 260 points for the full year as they improved dealer performance, product innovation, and cost efficiency.
