CNH Industrial Achieves Record-Breaking Performance

By Tamara Parker • Wednesday, March 20 06:21 • Permanent Link

CNH Industrial N.V. has reported record-breaking financial performance for its Agriculture and Construction segments in 2023. The company launched more than 70 new models in 2023, including the New Holland CR11, its largest and most high-tech combine harvester to date.

The company's focus on technology is evident through strategic acquisitions and organic investments. In 2023, CNH welcomed over 160 people through acquisitions of Hemisphere and Augmenta. The acquisition of Raven Industries for $2.1 billion in 2021 has been fundamental in advancing the company's software, such as Raven Cart Automation, which minimizes losses during the grain unloading process and eliminates the need for a second operator to drive the tractor.

CNH's dedication to customer experience is reflected in its involvement of customers in product development, with a focus on improving productivity, usability, and comfort. The company also trained thousands of employees globally and created new roles focused on customer experience in 2023.

Simplification has been a key focus for CNH, including spinning out its on-highway businesses in 2022 and moving to a single listing on the New York Stock Exchange in January 2024. The Global Leadership Team has been reduced from 18 to 11 leaders to increase accountability and drive more efficient decision-making.

In terms of sustainability, CNH has developed alternative propulsion solutions, including the launch of its high horsepower methane tractor and its first all-electric utility tractors and light construction equipment in 2023. The company's focus on reducing, reusing, and recycling waste has led to notable achievements, such as achieving zero waste to landfill in Brazil in 2023.

Despite a softening in end demand in both the agriculture and construction businesses, the company believes it is well-placed to manage this cycle, with a simplified and strong business, significant liquidity, and products that deliver real value to customers.

Following these announcements, the company's shares moved 0.7%, and are now trading at a price of $12.45. Check out the company's full 8-K submission here.

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