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CNH Industrial profit misses consensus by 42.7% in Q1

CNH Industrial NV said its normalized net income for the first quarter amounted to 5 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS fell 65.4% year over year from 15 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $69.0 million, a decrease of 65.3% from $199.0 million in the year-earlier period.

The normalized profit margin declined to 1.2% from 2.8% in the year-earlier period.

Total revenue decreased 22.0% on an annual basis to $5.63 billion from $7.21 billion, and total operating expenses declined 20.4% year over year to $5.39 billion from $6.78 billion.

Reported net income declined 71.4% from the prior-year period to $27.2 million, or 2 cents per share, from $95.1 million, or 7 cents per share.