Across the board declines continued for CNH Industrial in the third quarter, leading the company to decrease its sales forecast for the rest of the year.
The company, which manufacturers the Case and New Holland brands of construction and agricultural equipment, saw sales drop 24 percent during the quarter to $5.85 billion.
Consequently, the company reported a loss of $128 million for the quarter, down 180 percent from 3Q 2014.
For the first nine months of the year, CNH sales are down 22.4 percent to $18.8 billion compared to the same period in 2014. Profit is down 604 (not a typo) percent to $17 million.
Ag equipment, the company’s largest division, saw the biggest sales decline at 34 percent to $2.4 billion. The division continues to be hammered by low demand for farm equipment, specifically from the row crop sector.
Commercial vehicle sales fell 13.2 percent to $2.2 billion, but CNH notes that if the negative impact of currency translation is excluded, the division would have posted a sales increase of 4.6 percent. Because of that the company sees positive things ahead for trucks and bus sales in Europe and the Middle East.
Construction equipment sales fell 30 percent to $591 million. The company says the continued declines in construction are primarily due to lower demand from Latin America.
For the rest of 2015, CNH Industrial now expects to post total sales between $25 million and $26 million, down from the previous forecast of $26 million-$27 million.
Figures for the company’s remaining segments are listed below.