CNH Industrial N.V. reported significant declines in revenue and profitability for the third quarter and first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues were $4,654 million, down 22.3% from $5,986 million in Q3 2023. Net sales also fell by 25.0%, from $5,332 million to $3,997 million, primarily due to lower shipment volumes and reduced dealer inventory requirements amid decreased industry demand.

Net income for the third quarter of 2024 was $310 million, a decrease from $540 million in the prior year. The decline in profitability was reflected in earnings per share, which dropped to $0.24 from $0.40. For the nine months ended September 30, 2024, net income was $1,083 million, down from $1,704 million in 2023, with earnings per share decreasing from $1.27 to $0.85.

The company's total assets decreased to $44,033 million as of September 30, 2024, from $46,267 million at the end of 2023. Cash and cash equivalents also saw a significant decline, falling to $1,801 million from $4,322 million. Total liabilities decreased to $36,264 million, down from $38,117 million, while total equity fell to $7,712 million from $8,096 million.

In terms of segment performance, the Agriculture segment reported net sales of $3,310 million, down 24.5% from $4,384 million in Q3 2023. The Construction segment experienced a 27.5% decline in sales, totaling $687 million. Conversely, Financial Services revenues slightly increased by 0.9% to $659 million.

Strategically, CNH Industrial completed the acquisition of Hemisphere for $181 million in October 2023, which included $111 million in goodwill. The company also acquired a controlling interest in Bennamann LTD for approximately $51 million in March 2023. Restructuring expenses rose significantly, totaling $94 million for the nine months ended September 30, 2024, compared to $8 million in the same period of 2023.

The effective tax rate for the third quarter of 2024 was 20.8%, down from 25.8% in 2023, attributed to a favorable income mix and discrete tax-related adjustments. The company continues to monitor credit quality, particularly in South America, where economic conditions have influenced the allowance for credit losses.

Overall, CNH Industrial's financial results reflect challenges in the agricultural and construction equipment markets, alongside ongoing strategic adjustments and acquisitions aimed at enhancing its operational capabilities.