CNH Industrial N.V. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with consolidated revenues falling by 23% to $19.1 billion compared to $24.8 billion in 2023. The company's net income also decreased by 45%, resulting in diluted earnings per share dropping by $0.70. This downturn is primarily attributed to decreased industry demand across its agricultural and construction equipment segments, which are critical to the company's operations.
In terms of strategic developments, CNH Industrial has made notable acquisitions, including Raven Industries in 2021 and Hemisphere GNSS in 2023, aimed at enhancing its technology offerings in precision agriculture and construction. Additionally, the company acquired Augmenta Holding SAS in 2023, which specializes in machine vision technology for optimizing farming operations. These acquisitions are part of CNH's broader strategy to integrate advanced technologies into its product lines, thereby improving efficiency and customer engagement.
Operationally, CNH Industrial's workforce stood at 35,850 employees as of December 31, 2024, with a significant presence in North America, Europe, and emerging markets. The company operates a dealer network comprising over 2,500 agricultural dealers and approximately 427 construction dealers, which collectively manage over 7,600 points of sale globally. However, the company faced challenges in inventory management, leading to a material weakness in internal controls over financial reporting, particularly concerning the existence and completeness of raw material and work-in-process inventory.
Looking ahead, CNH Industrial anticipates that the unfavorable market conditions experienced in 2024 may persist into 2025, impacting sales volumes and production levels. The company is focused on addressing its internal control weaknesses and enhancing operational efficiencies while navigating the competitive landscape of the agricultural and construction equipment markets. The management remains committed to leveraging its technological advancements and strategic acquisitions to drive future growth and improve financial performance.
About CNH Industrial N.V.
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