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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