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CNH Industrial profit misses consensus by 60.4% in Q3

CNH Industrial NV said its third-quarter normalized net income amounted to 5 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS fell 70.2% year over year from 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $64.0 million, a decline of 70.1% from $214.1 million in the year-earlier period.

The normalized profit margin fell to 1.2% from 2.9% in the year-earlier period.

Total revenue declined 25.0% year over year to $5.55 billion from $7.40 billion, and total operating expenses declined 23.0% year over year to $5.35 billion from $6.94 billion.

Reported net income came to a loss of $122.6 million, or a loss of 9 cents per share, compared with income of $176.8 million, or 13 cents per share, in the year-earlier period.