CNH Industrial, makers of the Case and New Holland brands of equipment among several others, announced consolidated second quarter revenues of $7.6 billion, a decrease of 6 percent from the same period a year ago.
Despite the drop in total revenue, net income rose 5 percent to $427 million.
Net sales among the company’s Industrial Activities (equipment) business was $7.1 billion, a decrease of 7 percent from 2Q 2018. The company says a combination of lower sales volume and negative currency translation more than offset a positive price realization during the quarter.
Total debt of Industrial Activities is currently $1.5 billion.
CNH Industrial’s full-year guidance expects Industrial Activities net sales to end up between $27 billion and $27.5 billion, with a net debt between $200 million and $400 million.
The company notes that on July 2, Fitch Ratings improved the outlook of CNH Industrial from stable to positive.