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CNH Industrial profit misses consensus by 24.4% in Q2

CNH Industrial NV said its normalized net income for the second quarter amounted to 12 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

EPS decreased 49.6% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $170.1 million, a decline of 49.6% from $337.3 million in the prior-year period.

The normalized profit margin dropped to 2.6% from 3.9% in the year-earlier period.

Total revenue declined 22.5% on an annual basis to $6.63 billion from $8.56 billion, and total operating expenses declined 20.8% on an annual basis to $6.25 billion from $7.89 billion.

Reported net income declined 65.3% from the prior-year period to $122.7 million, or 9 cents per share, from $353.9 million, or 26 cents per share.