CNH Industrial announced consolidated revenues of $5,372 million for Q1/16, down 5.7% compared to Q1/15 on a constant currency basis (down 9.9% on a reported basis).
CNH reported a net loss of $513 million for Q1/16 after recording the previously announced exceptional non-tax deductible charge of $502 million related to the investigation of the company’s wholly-owned subsidiary, Iveco S.p.A., and its competitors by the European Commission for certain alleged anticompetitive practices and related matters. Adjusted net income, which excludes this exceptional charge and restructuring expenses, was $1 million for the quarter.
The following highlights were excerpted from the CNH news release:
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