CNH Industrial achieved record full-year revenue and net income in 2023 despite a more challenging fourth quarter.
The construction and agriculture machinery group’s 2023 consolidated revenue was $24.7 billion, up 5% year-over-year, with sales of Industrial Activities at $22.1 billion, up almost 3%. Full-year net income was $2,383 million compared to 2022 net income of $2,039 million.
CNH Industrial, whose Construction Equipment business includes the Case and New Holland construction and quarrying equipment brands, posted Q4 2023 consolidated revenue of $6.79 billion, down 2% on the same period of 2022. Net income was $617 million, up on $592 million in Q4 2022. Net sales of Industrial Activities were $6.02 billion (down 5% compared to the same period of 2022).
Commenting on the full-year 2023 and Q4 2023 results, Scott Wine, CNH Industrial CEO, said: “Two years ago, we established ambitious margin targets for our Agriculture and Construction segments, which we achieved earlier than planned. These results, in conjunction with record full-year revenue and net income, reflect the CNH team’s tireless efforts to simplify the company, expand through-cycle margins, integrate world-class technology with our great iron, and put our customers at the centre of everything we do.
“With more challenging end markets in Q4, robust contributions from our cost reduction focus and disciplined commercial execution drove margin expansion, and we will remain aggressive on these fronts moving forward. I have tremendous confidence in this CNH team’s ability, regardless of market conditions, to create a bright future for our company, our customers, and our dealers.”
