CNH二季度收入48.0亿美元、调整后EPS 0.13美元超预期并上调全年EPS区间下限

CNH Industrial (CNH) shares surged as much as 17% Monday to their highest level in four months after the farm and construction equipment maker reported second quarter results that topped Wall Street estimates and raised the lower end of its full-year outlook.
The company reported second quarter revenue of $4.80 billion, topping analysts' consensus estimate of $4.75 billion. Adjusted earnings were $0.13 a share, ahead of the Wall Street estimate of $0.11 a share.
For investors, the report suggested that while agricultural equipment demand remains weak, the downturn may be stabilizing. Dealer inventories continue to normalize, equipment fleets are aging and the gap between new and used equipment prices has become more balanced. Those trends, along with management's decision to narrow guidance toward the higher end of its previous range, helped fuel investor optimism despite lower profitability from a year earlier.
CNH Industrial (CNH), whose brands include Case IH, New Holland Agriculture and Case Construction Equipment, said the agriculture market remains under pressure from low commodity prices, high input costs and trade uncertainty. However, construction equipment sales benefited from stronger North American demand and shipments delayed from the first quarter.
The company now expects full-year adjusted earnings of $0.41 to $0.46 a share, compared with its previous outlook that spanned a wider range. The updated forecast brackets the Wall Street consensus estimate of $0.41 a share.
Net income fell to $141 million, or $0.11 a share, from $217 million, or $0.17 a share.
Consolidated revenue increased 2% from a year earlier to $4.80 billion, while net sales from industrial activities rose 3% to $4.14 billion. Cash flow from operations totaled $145 million during the quarter.
Agriculture segment sales were essentially flat at $3.28 billion as favorable pricing offset lower volumes in South America. Adjusted operating profit for the segment fell 35% as tariffs, weaker product mix, higher labor costs and increased research and development spending weighed on results.
Construction segment sales rose 12% to $866 million on stronger North American demand and delayed first quarter shipments. Even so, profitability declined as tariffs and higher research and development expenses more than offset the benefit of higher volumes.
Financial Services revenue slipped 4% to $656 million while net income declined 18% to $71 million. Receivables more than 30 days past due rose to 4.4% from 3.9% a year earlier, reflecting economic pressure on farmers, particularly in South America.
"Our second quarter results reflect disciplined execution by the CNH team in a market that remains at the trough of the agriculture cycle," Chief Executive Officer Gerrit Marx said in the earnings announcement.