실적분석 2026년 8월 3일

CNH Beats Adjusted EPS and Revenue, Narrows Guidance to Upper End

Earnings Scorecard

| Item | Result |

|---|---|

| EPS | Beat (adjusted $0.13 vs. consensus $0.11) |

| Revenue | Beat ($4.803B vs. consensus $4.751B) |

| Guidance | Raised (narrowed to upper end) |

| Stock Reaction | After-hours +5.56% ($10.82) — as of 08-03 20:44 KST |

Stock Reaction: After-hours +5.56% ($10.82) — as of 08-03 20:44 KST

Positives

Revenue beat: Consolidated revenue of $4.803 billion slightly exceeded the $4.751 billion estimate

Adjusted EPS beat: Adjusted diluted EPS of $0.13 topped the $0.11 consensus

Guidance narrowed to upper end: Full-year adjusted EPS outlook narrowed toward the top of the prior range

Even at the trough of the agricultural cycle, consolidated revenue grew 2% year-over-year and edged past estimates. Industrial Activities net sales reached $4.143 billion (+3%), with the construction segment posting net sales of $866 million, up 12%, supporting the top line. Adjusted net income of $161 million and adjusted diluted EPS of $0.13 surpassed the $0.11 adjusted consensus, and the company's move to narrow its full-year guidance toward the upper end of the previous range added further support to investor sentiment.

Negatives

Sharp profit decline: Total net income of $141 million (−35%), with $138 million attributable to common shareholders

Margin pressure: Industrial adjusted EBIT margin of 4.0%, down from 5.6% a year earlier

Weakness in Agriculture and Financial Services: Lingering drag from South American volumes, tariffs, and Brazil-related risk costs

Revenue grew, but profitability weakened materially versus the prior year. GAAP diluted EPS of $0.11 declined from $0.17 a year ago, and Industrial Activities adjusted EBIT of $167 million (−25%) saw margins compress by 160 basis points. The core Agriculture segment posted nearly flat net sales of $3.277 billion, but adjusted EBIT fell 35% to $170 million, weighed down by lower South American volumes, an unfavorable mix in North America and EMEA, and headwinds from tariffs, labor costs, and R&D. Financial Services also saw revenue and net income decline 4% and 18%, respectively, with rising delinquency rates (30+ days at 4.4%) tied to stressed South American farm conditions remaining a pressure point.

What Management Said

Management acknowledged that the agricultural cycle remains at a low point but assessed that progress was made on strategic priorities including quality, sourcing, operating efficiency, and dealer network integration. Management noted that while the farm economy remains under pressure, there are signs of a cycle recovery such as dealer inventory normalization, aging equipment, and a better balance between new and used equipment pricing. The full-year outlook was narrowed, with results now expected toward the upper end of the previously stated range: Agriculture net sales roughly flat year-over-year (including a 2% FX tailwind), Construction net sales growth of 5–10%, Industrial Activities free cash flow of $200–$400 million, and adjusted diluted EPS of $0.41–$0.46. Management struck a tone that emphasized tailwinds from tariff changes while flagging offsetting challenges from freight costs, South American conditions, and tariff-related expenses.

Market Reaction and What to Watch Next

The market appeared to weight the adjusted EPS and revenue beats, along with the message narrowing the full-year guidance to the upper end, more heavily than the GAAP profit decline and margin compression. Even amid an agricultural downturn, the combination of revenue growth, recovering construction volumes, and constructive commentary on inventory and equipment cycles stoked expectations that the bottom is being put in. That said, profit health is weaker than a year ago, so the durability of the after-hours rally will hinge on H2 margin trajectory, South American developments, and tariff dynamics.

Check whether H2 Agriculture adjusted EBIT margin returns to the path of the full-year target (5.0–5.5%)

Watch whether South American demand, delinquencies, tariffs, and freight costs take further margin bites

Monitor whether Construction segment sales growth (full-year 5–10%) and margins (1.8–2.3%) recover simultaneously