Robust Global Economic Growth Supports CNH Industrial’s 3Q Results
Following third-quarter results, we are increasing our fair value estimate for narrow-moat CNH Industrial to $11.20 from $10.40. Third-quarter EPS rose 80% from the prior year’s quarter to 9 cents, beating consensus by 3 cents. Improved performance on the top and bottom lines largely drove the earnings beat. CNH increased industrial revenue 12% (currency adjusted) from the prior-year period to $6.3 billion, allowing for operating margins to improve from 4.5% to 5.5% as incremental margins were r...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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