CNH International sales for the second quarter of 2024 were $5.5 billion, down 16% from $6.6 billion in the same period a year ago. Adjusted net income was down 31% to $485 million for $0.52 diluted earnings per share.
The UK-based manufacturer cited lower demand and reduced dealer inventory requirements. Price increases were flat for Construction, which includes Case Construction Equipment.
Sales in construction were $890 million in the quarter, down 16% from Q2 2023. Global industry volume for construction equipment decreased 5% year-over-year in the second quarter for heavy construction equipment and 4% for light equipment. Aggregated demand was flat in North America. Gross profit margin for construction was 16.5%
The company’s lowered its outlook for the remainder of the year. Construction sales are expected to be down 15% to 20% year-over-year; its earlier projection was a decline of 7% to 11%.
