CNH INDUSTRIAL N.V. - CNHI STOCK NEWS

On June 15, 2020, Fitch Ratings affirmed CNH Industrial N.V.’s Long-Term Issuer Default Ratings at ‘BBB-’ and changed the Outlook from Positive to Stable. This rating reflects the company’s robust position in the capital goods sector, with a diverse product range and a global market presence. Key brands include Case IH, New Holland Agriculture, and Iveco, providing agricultural machinery, construction equipment, and commercial vehicles. The stability in ratings is crucial for investor confidence and may affect borrowing costs in the future.

IVECO BUS, a brand of CNH Industrial (NYSE: CNHI), has delivered 145 Crossway Low Entry Line buses to ARRIVA STŘEDNÍ ČECHY in the Czech Republic. These 10.8-meter buses, designed for efficiency, can accommodate 37 seated and 39 standing passengers, providing easy access for those with disabilities. Equipped with a 320hp Tector 7 engine and automatic transmission, they ensure excellent fuel efficiency. The Crossway range has been popular among transport operators, with over 40,000 units produced, recognized for performance, comfort, and low operational costs.

On June 8, 2020, CNH Industrial N.V. disclosed its investment of $250 million in Nikola Corporation following the merger of VectoIQ Acquisition Corp. and Nikola. As a result, CNH now owns approximately 7.11% of Nikola, holding 25,661,449 shares. This investment will be recorded at fair value in CNH's financial statements, affecting profit or loss. The company plans to exclude fair value adjustments from its Non-GAAP measures, aiming to clarify its financial performance. Nikola specializes in zero-emission vehicles and aims to revolutionize transportation.

CASE Construction Equipment has delivered 125 units to Angola's Ministry of Transport, marking one of its largest orders in 2020. The delivery, which includes Backhoe Loaders, Crawler Excavators, Dozers, and Graders, signals a recovery in the construction sector amidst the COVID-19 pandemic. Supported by local dealer Ivecar SA, this successful delivery underscores CNH Industrial's resilience as it continues to maintain aftermarket services during the crisis, with most of its 67 global plants now reopened.

CNH Industrial reported a 15% decline in consolidated revenues for Q1 2020, totaling $5.5 billion, attributed to the adverse effects of COVID-19 and a reduction in dealer inventory. The company faced a net loss of $54 million, a stark contrast to the $264 million net income in Q1 2019. Adjusted net loss reached $66 million, with an adjusted diluted EPS loss of $0.06. Net debt increased to $2.3 billion, exacerbated by seasonal working capital absorption. The spin-off strategy remains, but its timeline has been extended due to market conditions.

CNH Industrial (NYSE: CNHI) has resumed manufacturing operations across more than two-thirds of its 67 global production sites, adhering to COVID-19 protocols. Over 75% of sites in Europe and 60% in North America are operational. The company prioritizes agricultural and powertrain manufacturing due to essential market demands. CNH aims for most locations to return to full operation by the end of May while continuously updating health protocols. With 24,000 employees working from home, the company maintains support for sales networks and logistics, ensuring operational efficiency.