CNH Industrial announced the first quarter consolidated revenues as of March 31, 2020. In its report, the company reports net sales of $5.0 billion in the first quarter of 2020, loss of $148 million in the first quarter of 2020, net debt at March 31, 2020 of $2.3 billion, an increase of $1.5 billion from December 31, 2019, as a result of seasonal working capital absorption and the adverse impact of COVID-19, partially offset by actions to reduce Company inventory and other cash preservation measures COVID-19.
Suzanne Heywood, Chair and Acting Chief Executive Officer of CNH Industrial, said, “CNH Industrial is continuing to implement measures to quickly adapt and react to the extraordinary circumstances of the COVID19 outbreak. We have prioritized four issues: the health and wellbeing of our employees; the continuity of our business from a liquidity, cost management and market presence perspective; the strength of our dealer network and our supplier base; and supporting our customers and the communities in which we operate. We are dedicated to ensuring we emerge from this public health crisis a stronger and more efficient company, and that our customers and other stakeholders, operating in many end markets essential to the well-being and prosperity of society, know that we have given them the best support possible throughout this extraordinary time.”
Our available liquidity position was $9.9 billion at March 31, 2020, the second highest level in Company history at the end of the first quarter, providing a solid cash base and headroom within our credit facilities to navigate this uncertain and challenging environment. The Company has recently demonstrated its ability to access funding programs enacted by governments as public responses to the COVID-19 outbreak. Management has modeled a variety of different scenarios on the evolution of the current extraordinary circumstances and is focusing its efforts on selecting the optimal response strategies to each potential scenario.
