CNHI Margin Expansion Continues but New CEO Fails to Provide Details on Portfolio Strategy
The fourth-quarter earnings call was the second hosted by new CEO Hubertus Muhlhauser. Unfortunately, he didn’t provide crucial details on CNH’s larger product portfolio strategy, which we feel could use a refresh given the lack of apparent synergies across its segments. We were dismayed to learn that much needed clarification will come during its 2019 capital markets day, which will occur at an unknown date before “Christmas.†Like many of its industrial equipment peers, CNH was able to expand ...CNH Industrial is a holding company. Through its subsidiaries, Co. is engaged in the design, production, marketing, sale and financing of agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles for firefighting, defense and other uses, as well as engines, transmissions and axles for those vehicles and engines for marine and power generation applications. Co. divides its business activities into three operating segments: Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain, and Financial Services.
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