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CNH Industrial saw net sales of industrial activities decline by 7% for the full year in 2020; construction equipment net sales worldwide plunged almost 22%.
Q4 results, however, were much more positive, with the company's construction equipment segment seeing a net sales increase of 6.4% compared with the same period in 2019.
CNH Industrial
Regionally, the company saw Q4 construction equipment demand increase 10% in North America, decrease 4% in Europe and South America and increase 33% in the company's Rest of World segment, including a 51% increase in China. Compact equipment was up 16% in North America and 31% in Rest of World
Net Q4 global construction sales were up 6%, prompted by higher volume and positive price realization, says the company.
Footnote: c.c. means constant currencyCNH Industrial
"During 2020 we invested in new technologies, embraced new ways of working, and positioned the company for strong, profitable growth," says Suzanne Heywood, CNH chair. "Our focus on executing the company separation strategy outlined at our 2019 capital markets day is resolute, and we enter 2021 prepared to unlock our abundant potential, enhance our commitment to our customers, and forge an increasingly profitable future under the leadership of our new CEO, Scott Wine.”
With the year-end and Q4 results, CNH also released its 2021 outlook, saying it expects net sales to be up 8% to 12% in industrial activities.