CNH Industrial posted consolidated revenues of US$5.5bn in the first quarter of 2020, down 15% compared to Q1 2019.
The multinational, whose brands include construction equipment companies Case and New Holland, made a net loss of US$54m (or US$0.05 loss per share) in Q1 2020 compared to net income of US$264m (US$0.19 per share) in Q1 last year.
CNH made an adjusted net loss of US$66m in Q1 compared to adjusted net income of US$248m in Q1 2019.
The conglomerate says it is extending the deadline to split into two and list its truck, bus and engine division. This had initially been scheduled for completion by early next year.
CNH withdrew its full-year guidance for 2020 on March 30, and no new guidance has been issued.
Earlier this week CNH said it plans to return to full productivity at its 67 production sites around the world by the end of this month.
Suzanne Heywood, chair and acting chief executive officer, said that CNH Industrial is continuing to implement measures to quickly adapt and react to the “extraordinary circumstances” of the COVID-19 outbreak.
She added that it had prioritised four issues: the health and wellbeing of employees; the continuity of its business from liquidity, cost management and market presence perspective; the strength of its dealer network and supplier base; and supporting its customers and the communities in which it operates.
Heywood said CNH’s available liquidity position was US$9.9bn at March 31, the second-highest level in company history at the end of the first quarter, which provided a solid cash base and headroom within its credit facilities to navigate the current uncertain and challenging environment.
“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 wellbeing and prosperity of society, know that we have given them the best support possible throughout this extraordinary time,” Heywood said.