Stock Monitor: Columbus McKinnon Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 08, 2018 / Active-Investors.com has just released a free earnings report on CNH Industrial N.V. (NYSE: CNHI) ("CNH"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CNHI. CNH reported its fourth quarter and fiscal 2017 operating and financial results on January 30, 2018. The truck, tractor, and bus maker beat revenue estimates and met earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CNH Industrial N.V. most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the fourth quarter of 2017, CNH's consolidated revenues advanced 15.8% to $8.10 billion compared to revenue of $7.00 billion in Q4 2016. The Company's reported numbers topped analysts' estimates of $7.22 billion.
CNH announced consolidated revenues of $27.36 billion for the full year (FY) 2017, up 10% compared to FY16 revenues of $24.87 billion.
For Q4 2017, CNH reported net loss of $40 million, or $0.03 per diluted share, compared to net income of $97 million, or $0.07 per diluted share, in Q4 2016. The Company's reported quarter results included $92 million charge for Venezuelan operations deconsolidation effective December 31, 2017, a $123 million charge due to the US Tax Cuts and Jobs Act (Tax Reform) and tax legislation changes in the UK and certain other countries enacted in Q4 2017 as well as a $8 million charge on early redemption of notes.
On an adjusted basis, CNH reported net income of $197 million, or $0.14 per diluted share, flat compared to Q4 2016 adjusted net income of $197 million, or $0.14 per diluted share, in-line with market estimates of $0.14 per share.
For FY17, CNH reported net income of $313 million, or $0.22 per diluted share, compared to net loss of $249 million, or $0.18 per diluted share, in FY16. The Company's FY17 results included a $92 million due to deconsolidation of Venezuelan operations; a non-cash tax charge of $123 million due to Tax reform and tax legislation changes as well as a total pre-tax charge of $64 million related to the repurchase/early redemption of certain notes in 2017.
CNH's adjusted net income was $669 million, or $0.48 per diluted share, for FY17 compared to $482 million, or $0.35 per diluted share, in FY16.
CNH Industrial's Segment Results
During Q4 2017, CNH's net sales of Industrial Activities jumped 17% to $7.80 billion on a y-o-y basis. The segment's reported quarter operating profit was $468 million compared to $412 million in the year earlier same quarter.
For Q4 2017, the Agricultural Equipment's net sales increased 14.5% to $3.24 billion compared to net sales of $2.83 billion in Q4 2016. The segment's operating profit was $279 million in the reported quarter with an operating margin of 8.6% compared to operating profit of $272 million with an operating margin of 9.6% in the year earlier corresponding quarter.
For Q4 2017, the Construction Equipment division's net sales surged 35.8% to $785 million compared to $578 million in Q4 2016, driven by market growth in all regions. In the reported quarter, the segment's operating profit was $13 million compared to an operating loss of $30 million in the year earlier same quarter. Higher industry volume and positive price realization led to the improved results.
During Q4 2017, the Commercial Vehicles division's net sales increased 15% to $3.29 billion compared to net sales of $2.85 billion in Q4 2016. The segment's reported quarter operating profit was $94 million versus $131 million in the year earlier comparable quarter. Operating performance declined as favorable volume was more than offset by unfavorable mix, increases in product content costs and new product introductions, higher spending in research and development, and the unfavorable impact of the British pound devaluation.
For Q4 2017, the Powertrain division's net sales surged 22% to $1.16 billion compared to Q4 2016 net sales of $953 million, driven by higher sales volumes to both captive and external customers. The segment's operating margin increased 2.4 points to 8.8%, the highest quarterly margin ever reported in Powertrain's history, reflecting the profitability of a well-balanced portfolio of engine.
Financial Review
CNH's net industrial debt was reduced to $0.9 billion at December 31, 2017, down $0.7 billion compared to December 31, 2016, as a result of strong cash flow performance mainly arising from reduced working capital levels. The Company's total debt was $25.9 billion at December 31, 2017, up $0.6 billion compared to December 31, 2016. At December 31, 2017, CNH Industrial's available liquidity was $9.4 billion, up $0.6 billion compared to December 31, 2016.
Dividends and Share Buy-back
CNH's Board of Directors announced its recommendation to the Company's shareholders for a dividend of €0.14 per common share, representing an increase of 27% over the prior year's dividend. Subject to the approval of the upcoming Annual General Meeting (expected on April 13, 2018), the ex-dividend date would be set at April 23, 2018.
CNH's Board of Directors also intends to recommend to shareholders the renewal of the authorization to repurchase up to a maximum of 10% of the Company's issued common shares. Post such authorization, the Company intends to launch a buy-back program up to $700 million, representing an increase of $400 million versus the current program.
Outlook
For Full year 2018, CNH is forecasting net sales of Industrial Activities in the range of $27 billion to $28 billion, adjusted diluted earnings in the band of $0.63 to $0.67, and net industrial debt at the end of 2018 at $0.8 billion to $1.0 billion.
Stock Performance Snapshot
February 07, 2018 - At Wednesday's closing bell, CNH Industrial's stock fell 1.47%, ending the trading session at $14.12.
Volume traded for the day: 2.23 million shares, which was above the 3-month average volume of 2.11 million shares.
Stock performance in the last three-month - up 8.12%; previous six-month period - up 20.58%; past twelve-month period - up 46.78%; and year-to-date - up 5.37%
After yesterday's close, CNH Industrial's market cap was at $19.87 billion.
Price to Earnings (P/E) ratio was at 64.47.
The stock has a dividend yield of 0.85%.
The stock is part of the Industrial Goods sector, categorized under the Farm & Construction Machinery industry. This sector was up 0.2% at the end of the session.
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