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CNH INDUSTRIAL 2021 FIRST QUARTER RESULTS 2021 FIRST QUARTER RESULTS CNH Industrial reports record first quarter . Consolidated revenues of $ 7.5 billion ( up 37 % compared to Q1 2020 ) , net income of $ 425 million , adjusted diluted EPS of $ 0.32 , and adjusted EBIT of Industrial Activities of $ 545 million ( up $ 693 million ) , with strong performance from all segments year over year . Industrial Activities net cash of $ 0.6 billion at March 31 , 2021 , with free cash flow seasonally negative by $ 0.4 billion . Financial results presented under U.S. GAAP " Our robust start to 2021 reflects both elevated demand from our end markets and the impressive performance of this entire CNH Industrial team . We overcame unprecedented supply chain challenges , rising commodity costs and the persistent impact of COVID - 19 to deliver solid revenue growth and margin expansion , also above Q1 2019 performance , which testifies to the commitment , drive and ingenuity of our global workforce . Consistent with our emphasis on customer and dealer satisfaction , we made new technology investments in Monarch Tractor and Augmenta and are excited about the innovative products and services we will bring to market . All our businesses and brands executed well , and we were particularly encouraged by the strong results Agriculture delivered . And with our refocused efforts on the spin , the outperformance of Iveco and our On - Highway business was timely . With healthy momentum in our markets , agile and improving execution across our businesses , and an ambitious but achievable strategy in place , the CNH Industrial team is well - positioned for the rest of the year and beyond . " Scott Wine , Chief Executive Officer Consolidated revenues of which Net sales of Industrial Activities Net income US - GAAP Diluted EPS $ 2021 First Quarter Results ( all amounts $ million , unless otherwise stated - comparison vs Q1 2020 ) 7,473 7,043 425 0.30 + 37 % + 41 % +479 +0.35 + 32 % C.C. ) +904 + 36 % C.C. Cash flow from operating activities 372 Cash and cash equivalents 7,059 -1,726 ( ** ) ( * ) c.c. means at constant currency ( ** ) comparison vs December 31 , 2020 Net sales of Industrial Activities of $ 7,043 million , up 41 % due to higher volumes driven by strong industry demand , particularly in Agriculture and Commercial and Specialty Vehicles , together with favorable price realization , primarily in Agriculture . Adjusted EBIT of Industrial Activities of $ 545 million ( loss of $ 148 million in Q1 2020 ) , with all segments up year over year . Agriculture adjusted EBIT margin above 13 % , Powertrain above 9 % and Construction at 3.8 % . Commercial and Specialty Vehicles adjusted EBIT of $ 76 million , the highest in Q1 since 2013 . Adjusted net income of $ 454 million , with adjusted diluted earnings per share of $ 0.32 ( adjusted net loss of $ 66 million in Q1 2020 , with adjusted diluted loss per share of $ 0.06 ) . Reported income tax expense of $ 157 million and adjusted income tax expense ( 1 ) of $ 143 million , with adjusted effective tax rate ( adjusted ETR ( ¹ ) ) of 25 % , which reflects jurisdictional mix of pre tax results and net discrete tax charges . Free cash flow of Industrial Activities was negative $ 0.4 billion as a result of lower than historical seasonal working capital cash absorption . Total Debt of $ 23.8 billion at March 31 , 2021 ( $ 26.1 billion at December 31 , 2020 ) . Industrial Activities net cash ( ¹ ) position at $ 0.6 billion , a decrease of $ 0.2 billion from December 31 , 2020 . Available liquidity at $ 13.9 billion as of March 31 , 2021. On February 26 , 2021 , CNH Industrial N.V. extended by one year , to March 2026 , its syndicated committed revolving credit facility for € 3,950.5 million . In March 2021 , CNH Industrial Finance Europe S.A. repurchased all its outstanding notes due May 23 , 2022 equaling € 316 million ( ~ $ 371 million ) . Adjusted EBIT of Industrial Activities Adjusted EBIT Margin of Industrial Activities Adjusted net income Adjusted diluted EPS $ Free cash flow of Industrial Activities Available liquidity PRESS RELEASE NON - GAAP ( 1 ) 545 7.7 % ● 454 ● 0.32 ● ( 371 ) 13,886 + 468 % Refer to section " Notes " at page 3 for an explanation of the items referenced on this page and to page 10 onwards for the reconciliations ( *** ) Net sales reflecting the exchange rate of 1.20 EUR / USD +1,070 bps +520 General improvement in market demand and in customer sentiment reflected increased economic activity globally and stronger commodity prices . We remain cautious about the future impacts on CNH Industrial's end - markets and operations of restrictions on social interactions and business operations to limit the resurgence of the COVID - 19 pandemic . +0.38 Furthermore , rising demand is adding pressure to our supply chain , requiring diligent coordination to keep our production at desired levels . Adverse market trends in raw materials ( particularly steel ) , freight and logistics costs have impacted our product cost performance in Q1 . Increasing input costs are expected in Q2 , and pressure is likely to continue throughout the remainder of the year . +1,152 Order book in Agriculture more than doubled year over year for both tractors and combines , driven by strong growth in North America for tractors , and in South America for combines . -1,985 ( ** ) Construction order book up year over year in both Heavy and Light sub - segments , with increases in all regions . Truck order intake in Europe up 96 % year over year , with light duty trucks up 95 % , and medium & heavy - duty trucks up 101 % . 2021 Outlook The Company expects strong demand to continue across regions and segments . To best serve our customers , supply chain management will remain diligent to address surging raw material prices , freight and logistics costs expected throughout the remainder of the year . Positive price realization will partially offset supply chain challenges . As a result , the Company is updating the 2021 outlook for its Industrial Activities as follows : Net sales ( *** ) up between 14 % and 18 % year on year including currency translation effects SG & A expenses lower / equal to 7.5 % of net sales Free cash flow positive between $ 0.6 billion and $ 1.0 billion R & D expenses and capital expenditures at - $ 2.0 billion .