May 6, 2020 / 12:32 PM / 2 months ago

CNH Industrial turns to Q1 loss due to virus, has no visibility on impact

MILAN, May 6 (Reuters) - Vehicle and equipment maker CNH Industrial said on Wednesday it turned to a net loss in the first quarter due to the coronavirus crisis, which will continue to have an impact on the group’s results.

The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains, posted a net loss of $54 million, or $0.05 per share, in the first three month of this year.

That compares with a net profit of $264 million in the same period of last year.

“The COVID-19 pandemic is likely to have a material impact on CNH Industrial’s future financial position, results of operations and liquidity,” the group said in a statement.

“The extent of the impact cannot be reasonably estimated at this time, due to the rapid evolution and fluidity of the situation.”

Milan-listed shares in CNH Industrial fell 0.8% after results were released, reversing an earlier rise. (Reporting by Giulio Piovaccari; editing by Agnieszka Flak)

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