With record first quarter margins in both its agriculture and construction divisions, CNH Industrial, parent company of Case and New Holland Construction Equipment, reported a solid start to the year during a May 5 earnings call with investors.
The manufacturer’s consolidated revenues for the first quarter of 2023 were up 15% over the same period last year, at $5.3 billion. Adjusted net income was $475 million. Net sales of Industrial Activities of $4.8 billion, up 14.3% due to favorable price realization and higher sales volumes, offsetting more than 2% adverse currency conversion impacts.
“I am incredibly proud of our team for again delivering record results as demand for large agriculture equipment remains robust and we are escalating production to meet customer needs. Our construction performance is progressing well, especially in North America where backlog supports continued growth,” said CEO Scott Wine.
“We announced three key acquisitions this quarter, bolstering our strong precision agriculture and alternative fuel portfolios. Our lean enterprise and strategic sourcing programs are creating a simpler, more effective company. These and other investments are making us better for our customers, strengthening my conviction that our future is bright.”
Acquisitions included machine vision and automation company Augmenta, satellite positioning provider Hemisphere and Bennamann, a methane capture technology company.
