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CNH Industrial posts higher operating profit in Q2, confirms 2023 guidance

2023-07-28 20:17
MILAN (Reuters) -Agricultural and construction machine maker CNH Industrial said on Friday its operating profit grew in the second quarter
CNH Industrial posts higher operating profit in Q2, confirms 2023 guidance

MILAN (Reuters) -Agricultural and construction machine maker CNH Industrial said on Friday its operating profit grew in the second quarter on favourable market conditions and growing sales.

The Italian-American group confirmed its 2023 outlook for its industrial activities, which brokerage Banca Akros had considered as "very cautious" compared to some peers.

Milan-listed shares extended earlier losses after results were published and were down more than 4% by 1217 GMT.

The company said its adjusted earnings before interest and tax (EBIT) from industrial activities rose by over 25% to $822 million in the April-June period.

Its quarterly margin on adjusted EBIT was 13.8%, up from 11.7% in the same period last year.

(Reporting by Giulio Piovaccari, Alessandro Parodi, editing by Gavin Jones)