The parent company of Iveco, CNH Industrial (Case New Holland), has reported 2018 second quarter financials showing a big lift in revenue in the period.
Consolidated revenues were up 15% to $8.0 billion USD ($10.84 Billion AUD) with the global business able to retire a third of its net industrial debt in the quarter.
Helping CNH Industrial to the healthy second quarter result was a 16% increase in sales across all its Industrial Activities.
One of the best performing divisions was commercial vehicles.
Net sales here increased 11% with much of the growth coming from increased global bus sales.
While the CNH Industrial Powertrain Divisions (including FPT Powertrain technologies) enjoyed a 7% increase in sales.
Just under 50% of total powertrain sales were to external customers (i.e. not to Iveco, Case etc.).
The commercial vehicle division would have been more profitable in the quarter, according to CNH Industrial, if it weren’t for a lift in research and development spending.
R & D spending in the quarter was up 24% on the same period last year with the spending “primarily related to initiatives aimed at enhancing product competitiveness and fuel efficiency”.
The Iveco Australia team is certainly helping the CNH Industrial bottom-line in 2018.
Local Iveco sales across the first half of the year were 29.6%.
Much of that local growth driven by strong extra demand for Iveco heavy-duty trucks, while demand for light-duty models i.e. the Iveco Daily is also up.
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