CNH Industrial N.V.

The following is an extract from the "CNH Industrial 2020 fourth quarter and full year results" press release. The complete press release can be accessed by visiting the media section of the CNH Industrial corporate website: https://www.cnhindustrial.com/en-us/media/press_releases/Pages/default.aspx or consulting the accompanying PDF:

CNH Industrial reports strong results for Q4 2020. Consolidated revenues of $8.5 billion (up 10%) and adjusted EBIT of Industrial Activities of $520 million (up 73%), with all segments up year over year. Net income of $187 million and adjusted net income of $432 million. Positive free cash flow of Industrial Activities of $2.4 billion. Industrial Activities net cash of $0.8 billion at December 31, 2020.

Financial results presented under U.S. GAAP

Net sales of Industrial Activities up 12% due to higher volumes and favorable price realization, mainly in Agriculture and Commercial and Specialty Vehicles.

Adjusted EBIT of Industrial Activities increased $219 million, with stronger performance from all segments compared to Q4 2019. Agriculture adjusted EBIT margin above 11%, C&SV at 3.3%.

Adjusted net income of $432 million (adjusted diluted earnings per share of $0.30), an increase of $153 million from 2019, after excluding certain items from the $187 million reported net income, primarily the $134 million negative fair value adjustment of the investment in Nikola Corporation, and $125 million ($95 million after-tax) non-cash settlement charge resulting from the purchase of annuity contracts to settle a portion of the outstanding U.S. pension obligations.

Record positive free cash flow of Industrial Activities of $2.4 billion resulting from the strong operating performance and working capital management. Total Debt of $26.1 billion at December 31, 2020. Industrial Activities net cash position achieved for the first time in CNH Industrial’s history, at $0.8 billion, an improvement of $2.3 billion from September 30, 2020.

Available liquidity at a record level of $15.9 billion at December 31, 2020. In October, CNH Industrial Capital LLC issued $500 million in aggregate principal amount of 1.875% Notes due 2026. In December, CNH Industrial Finance Europe S.A. issued €750 million in aggregate principal amount of 0.000% Notes due 2024. Concurrently, CNH Industrial N.V. prepaid £600 million of commercial paper due 2021 issued in April through the Joint HM Treasury and Bank of England’s Covid Corporate Financing Facilities.

Attachment

• 20210203_PR_CNH_Industrial_Q4FY_2020