CNH Industrial reported results for the three months and twelve months ended December 31, 2024. Q4 2024 net income reached $176 million, compared with net income of $583 in Q4 2023. Consolidated revenues were $4.88 billion in the quarter (down 28% compared to Q4 2023) and net sales of industrial activities were $4.13 billion (down 31% compared to Q4 2023).
Net cash provided by operating activities was $1,692 million, and Industrial Free Cash Flow was $848 million in Q4 2024. Full year 2024 consolidated revenues were $19.84 billion, down 20% year-over-year, with net sales of industrial activities at $17.06 billion, down 23%. Full year net income was $1,259 million compared to 2023 net income of $2,287 million. Adjusted net income was $1,339 million compared to $2,217 million in 2023. Full year net cash provided by operating activities was $1,968 million and Industrial Free Cash Flow absorption was $401 million.
In North America, industry volume was down 34% year-over-year in Q4 2024 for tractors over 140 HP and was down 10% for tractors under 140 HP; combines were down 33%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 6% and 31%, respectively, of which Europe tractor and combine demand was down 8% and 11%, respectively. South America tractor demand was down 5% and combine demand was down 21%. Asia Pacific tractor demand was up 10%, and combine demand was down 1%.
Agriculture net sales decreased for the quarter by 31% to $3.4 billion primarily due to lower shipment volumes on decreased industry demand across all regions and dealer destocking.
“I applaud the CNH team’s dedication to achieve the tasks we gave ourselves to close 2024. As intended, Agriculture dealer inventory went down in Q4 by over $700 million due to focused retail sales support and 34% fewer production hours. Our proactive and ongoing efforts to align our business structure with the current industry environment have allowed us to deliver our products with reasonable margin erosion. The challenging market conditions will continue at least through the first half of 2025, and we will keep production levels fairly low by design to drive channel inventory down further. I am confident that our continuing efforts to simplify, streamline, and raise the quality of our operations prepare us well for the regional cycle dynamics ahead.”
