Net sales for the construction division of CNH Industrial exceeded $1 billion for the first time in the second quarter of 2023.
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.
CNH Industrial recently presented its current financial status to investors during an earnings call on July 28.
The manufacturer’s consolidated revenues for Q2 2023 were up 8% over the same period last year, at $6.57 billion. Adjusted net income was $ 711 million. Net sales of Industrial Activities were down 6% for a total of $5.95 billion.
Gross profit margin was up 16% compared to Q2 mainly due to the favorable price realization and volume/mix partially offset by higher production costs.
“In the second quarter, we delivered a solid set of results with record margins in both agriculture and construction,” said CEO Scott Wine. “The impact of our CNH business system is accelerating, and we recorded our highest ever level of price over cost both in dollar and percentage terms.”
He noted that profitability was particularly strong in Q2 with results exceeding the favorable manufacturer’s 2024 margin targets.
