Construction equipment producer CNH Industrial saw consolidated revenues of $29,706 million for the full year 2018, up 7% compared to 2017 (up 7% on a constant currency basis).

Net sales of industrial activities were $27,831 million for the year, up 8% compared to 2017.

In the fourth quarter of 2018, consolidated revenues were $8,202 million, in line with the same period in 2017 (up 3% on a constant currency basis). Net sales of industrial activities were $7,707 million in the fourth quarter of 2018, flat compared to the fourth quarter of 2017 (up 3% on a constant currency basis).

Net income was $1,099 million for the full year 2018 and included a pre-tax gain of $80 million ($60 million net of tax impact) as a result of the amortization over approximately 4.5 years of the $527 million positive impact from a healthcare plan modification following the favorable judgment issued by the United States Supreme Court. Net income also included a pretax and tax effected charge of $22 million related to the repurchase of a portion of the CNH Industrial Finance Europe S.A. 2.875% Notes due 2021.

In the fourth quarter of 2018, net income was $258 million and included a pre-tax gain of $30 million ($22 million net of tax impact) related to the amortization of the above-mentioned healthcare plan modification, as well as the pre-tax and tax effected charge of $22 million related to the repurchase of notes.

Adjusted net income was $1,117 million for the full year 2018 compared to $651 million in 2017. Adjusted diluted EPS in 2018 was $0.80, up 74% compared to 2017. Adjusted net income was $294 million for the quarter, up $104 million compared to the fourth quarter of 2017. Adjusted diluted EPS in the fourth quarter of 2018 was $0.21, up 62% compared to the fourth quarter of 2017.

Adjusted EBIT of industrial activities was up 39% to $1,585 million for the full year 2018 compared to $1,143 million in 2017, with an adjusted EBIT margin of 5.7%, up 1.3 percentage points (“p.p.”). In the fourth quarter of 2018, adjusted EBIT of industrial activities was $432 million compared to $348 million in the fourth quarter of 2017, with an adjusted EBIT margin of 5.6%, up 1.1 p.p. Adjusted EBITDA of industrial activities was $2,671 million for the full year 2018, an increase of $480 million (or up 22%) compared to 2017. Adjusted EBITDA margin increased 1.1 p.p. to 9.6%. In the fourth quarter of 2018, adjusted EBITDA of industrial activities was $690 million, an increase of $62 million (or up 10%) compared to 2017. Adjusted EBITDA margin increased to 9.0%.

Total debt was $24.4 billion at December 31, 2018, down $1.5 billion compared to December 31, 2017. The reduction of debt was mainly related to industrial activities. At December 31, 2018, available liquidity was $8.9 billion, down $0.4 billion compared to December 31, 2017.

CNH Industrial designs, produces, markets, sells and finances agricultural and construction equipment, trucks, commercial vehicles, and buses worldwide. The company operates in five segments: agricultural equipment, construction equipment, commercial vehicles, powertrain, and financial services.