MILAN (Reuters) – Italian American vehicle maker CNH Industrial on Friday improved its revenue and cash forecasts for this year after its results widely exceeded expectations in the second quarter, as it benefited from an industry cyclical upturn.
The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains, said its adjusted earnings before interest and tax (EBIT) of industrial activities stood at $699 million in the second quarter, versus a $58 million loss a year earlier.
That topped a $496 million forecast in an analyst poll compiled by Reuters.
Milan-listed shares in CNH Industrial turned positive after results were published and by 1220 GMT were up 1.5%.
(Reporting by Giulio Piovaccari, editing by Maria Pia Quaglia)
