CNH Industrial N.V. (NYSE:CNHI) Q4 2023 Results Conference Call February 14, 2024 9:30 AM ET

Company Participants

Jason Omerza - VP, IR

Scott Wine - CEO

Oddone Incisa - CFO

Conference Call Participants

Mig Dobre - Baird

Nicole DeBlase - Deutsche Bank

Steven Fisher - UBS

Michael Feniger - Bank of America

Timothy Thein - Citi

Daniela Costa - Goldman Sachs

Kristen Owen - Oppenheimer

Tami Zakaria - JP Morgan

Larry De Maria - William Blair

David Raso - Evercore ISI

Operator

Hello, and welcome to CNH Fourth Quarter Conference Call. Please note, this call is being recorded. [Operator Instructions].

I will now hand you over to your host, Mr. Jason Omerza, Vice President of Investor Relations, to begin today's conference. Thank you.

Jason Omerza

Thank you, Ben, and good morning, everyone. We would like to welcome you to the webcast and conference call for CNH Industrial's fourth quarter and full year results for the period ending December 31, 2023. This call is being broadcast live on our website and is copyrighted by CNH. Any other use recording or transmission of any portion of this broadcast without the express written consent of CNH is strictly prohibited. Hosting today's call are CNH CEO, Scott Wine; and CFO, Oddone Incisa. They will use the material available for download from the CNH website.

Please note that any forward-looking statements that we might make 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 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.

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. Our 2023 Fourth quarter and full year results reflect the CNH team's resilience and dedication to driving customer-inspired innovation lean operations and sharp commercial execution. With purpose, pace and positive changes progressing throughout the organization, the results are evident in our margin progression.

Our Agriculture and Construction segments both achieved record EBIT margins for the year as they balance continued price discipline with aggressive cost management. We are improving through-cycle margins to be more profitable regardless of industry strength and our ag business demonstrated that in the fourth quarter.