CNH Industrial Reports Lower Revenues for 2020
USAgNet - 07/31/2020
CNH Industrial has released its financial reports for the first half of 2020, which shows revenues fell 21 percent.
Consolidated revenues of $5.6 billion in the second quarter of 2020. That was 26% lower compared to the second quarter of 2019.
Reported net income of $361 million (or $0.26 per share) in the second quarter of 2020 including a gain of $1,475 million from the remeasurement to fair value of the investment in Nikola Corporation (NKLA), partially offset by $840 million of non-cash
impairment charges primarily related to the goodwill allocated to Construction, as well as asset optimization charges of $282 million, mainly as a result of the adverse COVID-19 impacts on used trucks final markets in Europe
Adjusted net loss of $85 million in the second quarter of 2020 compared to adjusted net income of $430 million in the second quarter of 2019.