The agricultural division (includes Case IH, New Holland and Steyr) of CNH Industrial booked net sales of US$4.95 billion in the final three months of last year; down 8.0% on 2022’s total of US$5.37 billion.

Lower industry volumes in all global regions are cited as one of the main reasons for the drop. The one bright spot was the 19% increase for 140hp+ tractors in North America in the last quarter of 2023, but industry demand for tractors below 140hp fell 7.0%, and the North American combine market was down nearly a third.

In Europe, the tractor and combine markets were down 2.0% and 44%, respectively, and industry volumes for new tractors and combines in South America declined 8.0% and 13%, respectively.

Despite the Q3 dip, CNH Industrial full year results were up 5.0% to US$24.7 billion, of which the agricultural division generated US$18.14 billion (+1.0%). The rest came from the firm’s construction and financial services divisions.

Looking ahead to the rest of 2024, the company forecasts that the sales in the global agriculture equipment market will be 10-15% lower when compared to 2023. This is expected to suppress agricultural division net sales by 8.0% to 12%.

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