CNH Industrial 1Q Profit Falls on Logistics Disruptions
03 May 2022 - 11:20PM
Dow Jones News
By Ed Frankl
CNH Industrial NV said first-quarter profit fell, hampered by
supply-chain disruptions, but maintained its 2022 guidance.
The capital-goods company said quarterly net income was $333
million, down from $408 million in the same period last year.
The company posted a cash outflow of $1.06 billion after
critical supply-chain disruptions constrained its ability to ship
finished goods, it said.
"Logistics pressures and semiconductor shortages, which are not
unique to CNH Industrial, are expected to remain a headwind through
the year," Chief Executive Scott W. Wine said.
The London-based company said its adjusted net profit figure of
$378 million--up from $352 million last year--excludes $71 million
related to asset writedowns, financial receivable allowances and
valuation allowances on deferred tax assets as a result of the
suspension of operations in Russia.
However, revenue in the quarter improved to $4.65 billion, up
from $4.10 billion in 2021.
CNH kept its guidance unchanged, despite "mostly unhelpful macro
forces", it said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
May 03, 2022 09:05 ET (13:05 GMT)
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