DETROIT May 8 Tractor and trucks maker CNH Industrial NV reported a drop of more than 30 percent in first-quarter net profit on Thursday, hit by restructuring costs and challenging conditions in Latin America.
The sister company of Italian carmaker Fiat Chrysler said net profit fell to $101 million from $151 million in the previous year. Operating profit for all of its industrial activities was down 2 percent at $412 million, with an operating margin of 5.7 percent.
Revenues were roughly flat at $7.54 billion.
The first-quarter results were the first reported in dollars since CNH Industrial was created last year from the merger of Fiat Industrial and its U.S. unit CNH.
The company, which competes with Caterpillar Inc and Deere & Co, will unveil its targets for the period 2014-18 during a presentation to investors later on Thursday. (Reporting by Agnieszka Flak)