Good performance by CNH Industrial’s agricultural equipment division (Case IH, New Holland and Steyr) helped boost the concern’s second quarter 2018 revenues by 15% to US$8.0 billion (US$7 billion same three months of 2017).
Agricultural equipment net sales increased by a fifth to US$3.3 billion during the second three months of this year (April to June) compared to the same three months of 2017. The company is particularly pleased with its North American performance where demand for high HP tractors and combine harvesters increased by 9% and 26% respectively.
The company says that the anticipated increase in raw material costs was offset by manufacturing efficiencies. Product development spending, related primarily to precision farming and compliance with Stage V emissions requirements, increased 10% during the first six months of this year.
CNH Industrial recorded net sales of US$14.8 billion for the first half of 2018, and expects the end of year total to remain unchanged at around US$28 billion.
