At first, I couldn't reconcile the shitty divisional performance with a (3.1) % headline decline in net revenue...'til I found an (8.9) %
constant currency decline buried in the results!?
The company reported 5 % constant currency revenue growth, which was admittedly a little bit weaker than we had expected, but was more than offset by a 13 %
constant currency decline in overhead expense.
Not exact matches
Net sales
declined 6 % in
constant currency to $ 1.83 billion, while net profit dropped to 51 cents per share from 63 cents the prior year.
Conversely, the Iveco segment performed better than we anticipated, as revenue
declined less than our forecasts (and gained 9 % in
constant currency) while margins expanded.
Overall revenue
declined 9 %, or 15 % in
constant currencies, to $ 5.14 billion due to refranchising initiatives; however, that easily beat estimates at $ 4.97 billion.
CNH Industrial's fiscal first - half revenue
decline of 22 % -LRB--11 % in
constant currency) was larger than we estimated, as revenues dropped across segments.
· Enterprise Services revenue increased 1 % (up 2 % in
constant currency) with growth in Premier Support Services and consulting offset by
declines in custom support agreements