CNH Industrial N.V. (CNHI) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 5, 2023 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello and welcome to CNH Industrial. My name is Caroline and I will be your coordinator for today’s event. Please note this call is being recorded and for the duration of the call your line will be on listen-only mode. However, you will have the opportunity to ask questions at the end of the call. [Operator Instructions]

I will now hand over the call to your host Jason Omerza, Vice President of Investor Relations to being today’s conference. Thank you.

Jason Omerza

Thank you, Caroline. Good morning and good afternoon to everyone. We would like to welcome you to the webcast and conference call for CNH Industrial’s first quarter results for the period ending March 31, 2023.

This call is being broadcast live on our website, and is copyrighted by CNH Industrial. Any other use, recording or transmission of any portion of this broadcast without the expressed written consent of CNH Industrial is strictly prohibited.

Hosting today’s call are CNH Industrial’s CEO, Scott Wine; and CFO, Oddone Incisa. They will use the material available for download from the CNH Industrial website.

Please note that any Forward-Looking Statements that we might be making during today’s call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included in the presentation material.

Additional information pertaining to the factors that could cause actual results to differ materially is contained in the Company’s most recent annual report on Form 10-K, as well as other periodic reports and filings with the U.S. Securities and Exchange Commission, and the equivalent reports and filings with authorities in the Netherlands and Italy.

The Company presentation includes certain non-GAAP financial measures. Additional information, including reconciliations to the most directly comparable U.S. GAAP financial measures, is included in the presentation material.

I will now turn the call over to Scott.

Scott Wine

Thank you, Jason. And thanks, everyone, for joining our call. With a record first quarter margins in both agriculture and construction, we had a solid start to the year. Robust demand for large agricultural equipment continues especially in North America.

In construction we benefited from better capacity utilization and higher volumes in North America and Europe. The margin growth in both businesses reflects our progress and I’m increasingly encouraged by the resilience of our end markets.