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Results for the three months ended March 31, 2024, with net income of $402 million and diluted earnings per share of $0.31 compared with net income of $486 million and diluted earnings per share of $0.35 for the three months ended March 31, 2023. Consolidated revenues were $4.82 billion (down approximately 10% compared to Q1 2023) and net sales of industrial activities were $4.13 billion (down approximately 14% compared to Q1 2023). Net cash used in operating activities was $894 million and industrial free cash flow absorption was $1,209 million in Q1.

In a note to investors, J.P. Morgan’s Tami Zakaria said CNHI’s resturcturing program is on track to be completed during Q2. “Previously, CNHI announced an immediate restructuring program to reduce its salaried workforce by 5%,” she said. “It also unveiled its plan to right-size its cost structure. These two initiatives are expected to reduce total SG&A by a 10-15% run-rate. CNHI reduced its SG&A expenses by ~12% YoY in 1Q as management imposed strict discipline on discretionary spending, expanded support operations to lower-cost countries, and rationalized back-office operations.”

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