Third quarter (2022) results for CNH Industrial were up 26 percent compared to the third quarter of 2021, the company announced this week. In dollar terms, net sales were reported at $4.501 billion, compared to $3.563 billion in Q3 of 2021.
The company’s financial release noted that in North America, industry volume was up 9 percent year over year for the third quarter for tractors over 140 HP and was down 16 percent for tractors under 140 HP; combines were up 13 percent.
Net sales were up 26 percent, due to favorable price realization and better mix, mostly driven by North America and South America, partially offset by the negative impact of foreign exchange rates, the company says.
Gross profit margin was at record 25 percent, with Gross Profit $340 million higher than in Q3 2021, mainly due to better mix and favorable price realization primarily in North America, South America and Asia Pacific regions, partially offset by higher production and raw material costs across all regions, the company adds.
Order book in Agriculture was down less than 10 percent year over year for tractors. Order book for combines was down 21 percent, with declines in North America and South America offset partially by growth in EMEA. At above 2.5 times the pre-pandemic levels, CNH Industrial says order books remain strong in all regions and key products and orders are being kept curtailed as the medium-term cost scenario remains unclear.
