Agricultural sector has improved, but CNH needs bottom-line improvement to propel its stock.
Following fourth-quarter results, we are maintaining our $11.20 fair value estimate for narrow-moat CNH Industrial. Consolidated fourth-quarter adjusted EPS was flat from the prior-year quarter at $0.14 but was two cents short of consensus expectations in part due to mix issues. While its EPS was flat, CNH maintained solid top-line growth across all four of its non-financial segments. CNH increased industrial revenue 16.7% (11.6% on a currency-adjusted basis) over the prior-year period to $7.8 b...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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