CNH Industrial has raised its full-year revenue forecast, as operating profit topped expectations in the first quarter, aided by a strong order backlog and resilient demand for its large tractors.
The company increased its revenue outlook for industrial activities to between eight and 11 per cent this year, versus a previous forecast of between six and 10 per cent.
Farmers’ solid income cushioned profits, even as commodity prices came down from their peaks a year ago.
Growers were able to cash in on still-elevated wheat and soybean prices, which fueled purchases for new and used machinery.
CNH’s farm equipment brands include Case IH, New Holland, Steyr and Flexi-Coil.