Why Agriculture & Construction Equipment Maker CNH Industrial's Shares Are Diving Today
Portfolio Pulse from Lekha Gupta
CNH Industrial NV's shares dropped by around 9% following its Q3 FY23 earnings report. The company reported a 2% Y/Y revenue growth to $5.99 billion, missing the consensus of $6.06 billion. Net sales of Industrial Activities were down 1% Y/Y due to a decline in industry demand in Agriculture in South America and EMEA. The company also announced a restructuring program targeting a 5% reduction in salaried workforce cost. The 2023 outlook for its Industrial Activities was modified, with net sales growth of 3%-6% from 8%-11% year on year.
November 07, 2023 | 5:27 pm
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CNH Industrial's shares dropped after its Q3 earnings report showed a lower than expected revenue growth. The company also announced a restructuring program and a modification in its 2023 outlook.
CNH Industrial's shares dropped due to lower than expected revenue growth in its Q3 earnings report. The announcement of a restructuring program, which includes a reduction in workforce cost, and a modification in its 2023 outlook, also contributed to the drop in share price.
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