LONDON (dpa-AFX) - CNH Industrial N.V. (CNH), a farm equipment and construction services company, Friday reported lower earnings and revenue for the third quarter compared to the same period last year, on decreased industry demand and continued channel destocking.
Further, the company lowered its outlook for fiscal 2025.
CNH shares were trading down 11.17 percent in premarket.
Quarterly earnings fell 78 percent to $67 million or $0.06 per share from $310 million or $0.24 per share of last year.
Excluding items, earnings decreased 64 percent to $109 million or $0.08 per share from $304 million or $0.24 per share of the previous year.
On average, analysts were expecting $0.14 earnings per share for the quarter. Analysts' estimates typically exclude special items.
Revenue declined 5 percent to $4.4 billion from $4.7 billion of the prior year. The Street view for revenue was $4.22 billion.
For the fiscal 2025, the company now expects Adjusted earnings to be in the range of $0.44 per share to $0.50 per share compared to its previous expectation of $0.50 per share to $0.70 per share.
In pre-market activity, CNH shares were trading at $9.11, down 11.17% on the New York Stock Exchange.
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