Shares of CNH Industrial N.V. (NYSE:CNH) rose 1.59% in premarket trading on Thursday after the company reported first-quarter results that came in ahead of expectations, despite ongoing weakness in the agricultural sector.
The group posted adjusted earnings per share of $0.01, in line with analyst forecasts, while revenue reached $3.83 billion, exceeding the $3.71 billion consensus estimate by about 3%.
Net income totaled $10 million, or $0.01 per diluted share, compared with $132 million, or $0.10 per share, in the same quarter last year. Adjusted net income came in at $21 million, marking an 84% year-over-year decline.
Revenue remained broadly flat compared with a year earlier at $3.83 billion, despite a 4% negative impact from currency movements.
The quarter reflected historically weak demand for agricultural equipment in North America, with sales of tractors above 140 horsepower down 27% and combine harvesters declining 6% in the region.
“While the first quarter reflected historically low North American agricultural equipment demand, a complex trade environment, and ongoing challenges in Brazil, our performance was consistent with expectations,” said CEO Gerrit Marx. “The team stayed disciplined by managing production carefully, holding channel inventories steady, and delivering positive price and product cost performance through operational efficiency and quality improvements.”
The Agriculture segment reported net sales of $2.60 billion, up 1% year-over-year, though its adjusted EBIT margin narrowed to 1.0% from 5.4% a year earlier, pressured by lower volumes, tariff effects, and higher costs. The Construction segment saw sales decline 3% to $574 million, with its adjusted EBIT margin falling to -4.9% from 2.4%.
CNH reiterated its full-year 2026 guidance, forecasting adjusted diluted EPS between $0.35 and $0.45. The midpoint of $0.40 is slightly below the $0.42 consensus estimate. The company also expects Agriculture segment adjusted EBIT margins of 4.5% to 5.5% and free cash flow from Industrial Activities in the range of $150 million to $350 million.