CNH Industrial SEC Filings

6-K
CNH INDUSTRIAL N.V. filed this Form 6-K on 11/06/2017
Entire Document
 

In the nine months ended September 30, 2017, Construction Equipment’s worldwide heavy industry volumes were up 32% and light industry volumes were up 16% compared to the nine months ended September 30, 2016. Overall industry volumes increased in both product categories in all regions.

Construction Equipment’s worldwide market share was relatively flat compared to the prior year period for both heavy and light construction equipment.

Operating Profit

Construction Equipment reported an operating profit of $8 million for the nine months ended September 30, 2017 compared to $32 million for the nine months ended September 30, 2016 mainly as a result of an unfavorable foreign exchange impact on product cost partially offset by positive volumes. Operating margin decreased 1.5 p.p. to 0.4%.

Commercial Vehicles

Net Sales

The following table shows Commercial Vehicles’ net sales by geographic region for the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016:

Commercial Vehicles Sales—by geographic region:

 

 

Nine Months Ended September 30,

 

(in millions, except percentages)

 

2017

 

 

2016

 

 

% Change

 

NAFTA

 

$

13

 

 

$

36

 

 

n.m.

 

EMEA

 

 

5,901

 

 

 

5,726

 

 

 

3.1

%

LATAM

 

 

603

 

 

 

499

 

 

 

20.8

%

APAC

 

 

686

 

 

 

493

 

 

 

39.1

%

Total

 

$

7,203

 

 

$

6,754

 

 

 

6.6

%

n.m. – not meaningful

Commercial Vehicles’ net sales were $7,203 million during the nine months ended September 30, 2017, up 6.6% (up 6.6% on a constant currency basis) compared to the nine months ended September 30, 2016 as a result of higher volume and mix in APAC, LATAM and EMEA.

During the nine months ended September 30, 2017, the European truck market (GVW ≥3.5 tons) excluding U.K. and Ireland was up 4% compared to 2016. The Light Commercial Vehicles (“LCV”) market (GVW 3.5-7.49 tons) increased 5%, and the Medium & Heavy (“M&H”) truck market (GVW ≥7.5 tons) increased 1%. In LATAM, new truck registrations (GVW ≥3.5 tons) increased 8% compared to the nine months ended September 30, 2016. The LCV and M&H truck markets increased 10% and 8%, respectively. In APAC, registrations increased 8%.

In the nine months ended September 30, 2017, our market share in the European truck market (GVW ≥3.5 tons), excluding U.K. and Ireland, was 12.5%, flat compared to the prior year. Our market share in LATAM was 12.0%, flat compared to the nine months ended September 30, 2016.

Commercial Vehicles delivered approximately 106,500 vehicles (including buses and specialty vehicles) in the nine months ended September 30, 2017, representing a 1% increase from the nine months ended September 30, 2016. Volumes increased 6% in the M&H truck segment, while volumes were down 1% in the LCV segment. Commercial Vehicles’ deliveries increased 34% in LATAM and 16% in APAC, but decreased by 2% in EMEA.

 

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