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CNH Industrial tops earnings forecasts in Q3 and guides for smaller FY sales drop

·1 min read

MILAN, Nov 5 (Reuters) - CNH Industrial posted a higher-than-forecast operating profit in the third quarter and issued guidance for a smaller-than-expected sales decline this year as all its divisions performed ahead of expectations after a COVID-hit first half.

The Italian-American vehicle and equipment maker said adjusted earnings before interest and tax (EBIT) from industrial activities fell 16% from a year earlier to $238 million.

That compares with a $61 million forecast in an analyst poll compiled by Reuters.

The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains said sales from industrial activities would fall between 10% and 15% this year, versus a previous guidance, released in July, for a drop between 15% and 20%.

Milan-listed shares in CNH Industrial extended gains after results were published and were up 3.2% by 1320 GMT.

(Reporting by Giulio Piovaccari; editing by James Mackenzie)