CNH Industrial cuts FY24 adjusted EPS view to $1.45-$1.55 from $1.50-$1.60

FY24 consensus $1.54. The company forecasts that 2024 global industry retail sales will be lower in both the agriculture and construction equipment markets when compared to 2023. In the aggregate for key markets where the company competes, CNH previously estimated agriculture industry retail sales to be down between 10-15% but now projects industry volumes down approximately 15%, at the low end of the previous range. Construction equipment industry retail sales are still expected to be down around 10% when compared to 2023. CNH is continuing its efforts to improve through-cycle margins with its previously announced cost reduction programs focused on product costs and SG&A expenses. Both programs are progressing as planned and are expected to partially offset the impact of the lower industry demand.