CNH Industrial NV
CNH: XNYS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$28.60 | Dfxqbsm | Vhnjrbzh |
CNH Earnings: Management Lowers Agriculture Sales and Margin Guidance for 2024
Narrow-moat CNH reported first-quarter earnings slightly below our expectations. Our fair value estimate decreased 1% to $15.10, down from $15.30 previously. The decline was largely due to slight tweaks in our near-term sales and margin expectations. We lowered our 2024 estimates following management's lower agriculture segment guidance. For 2024, we're forecasting sales to be down 13% year on year.