CNH Industrial’s sales of construction equipment came to US$ 3.35 billion last year, and increase of +2.7% on 2013. Operating profit from the division was US$ 79 million, compared to a loss of US$ 97 million in 2013.
The increase was driven by a surge in sales in the North Atlantic Free Trade Area (NAFTA), where CNH’s construction equipment sales rose +17.8% last year to US$ 1.48 billion. The company also saw growth in the Europe, Middle East & Africa (EMEA) region, where revenues were up +4.3% to US$ 660 million. However, revenues from Latin America were down -9.3% to US$ 894 million, and sales in Asia Pacific dropped -18.1% to US$ 316 million.
CNH said it achieved an increase in revenues last year against the backdrop of falling global markets. A company statement said industry-wide sales of light construction equipment were down -9% last year which the heavy equipment segment was down -5% compared to 2013.
CNH Industrial’s total revenues for the year were down -3.8% to US$ 32.5 billion. This was largely due to a -9.3% fall in its agricultural equipment business, which makes up almost half of its revenues. The fall in sales here was equivalent to US$ 1.56 billion. In addition, a -3.5% drop in its US$ 10.9 billion commercial vehicles business further offset the relatively small gains from increased construction equipment and Powertrain sales.