<p>CNH Industrial Nv ((CNH)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>CNH Industrial NV 最新的财报电话会议在稳健的运营执行与日益增加的宏观逆风之间取得了谨慎的平衡。管理层强调了有序的生产、成本节约项目和强劲的订单覆盖，但这些积极因素被关税冲击、南美市场疲软和急剧下降的利润率所抵消，使第一季度的盈利能力和现金流面临明显压力。</p>
<h2>在波动中保持稳定的合并收入</h2>
<p>合并收入为 38 亿美元，与去年基本持平，符合指导预期。约 4% 的货币转换利好掩盖了较软的基础需求，突显出外部因素而非销量增长目前正在支撑收入。</p>
<h2>农业销售稳定，EMEA 地区领先</h2>
<p>农业净销售额约为 26 亿美元，同比增长 1%，其中包括 4% 的货币提振。EMEA 地区的强劲表现，销售额增长 20%，抵消了北美地区 3% 的小幅下降，突显了 CNH Industrial 的区域多样化作为应对其他地区疲软农业经济的缓冲。</p>
<h2>严格的库存控制和生产纪律</h2>
<p>管理层故意在第一季度保持低生产水平，以防止渠道堆积并保持经销商的健康。经销商库存按设计保持平稳，公司重申计划在一年内从经销商库存中抽走约 5 亿美元，即使这会增加短期的销量和利润压力。</p>
<h2>运营效率和制造节约</h2>
<p>去年执行的约 1,400 个制造项目产生了约 4,500 万美元的节约，反映出持续改进的实际回报。一个例子是在法戈的光纤激光自动化项目，提高了 52% 的产量，同时改善了质量，展示了车间现代化的杠杆作用。</p>
<h2>数字和人工智能工具推动铁科技整合</h2>
<p>CNH Industrial 继续推出其人工智能驱动的 “技术助手” 平台，目前已在约 70% 的经销商地点实施。该系统加快了诊断和零件识别，旨在缩短客户的停机时间，并加深硬件、软件和售后支持之间的整合。</p>
<h2>健康的订单簿支持短期可见性</h2>
<p>公司报告第二季度的订单簿基本满额，第三季度已经有 “健康” 的覆盖，尽管在工厂负荷方面保持纪律。预计第二季度农业净销售额与去年基本持平，表明需求已稳定，但远未繁荣。</p>
<h2>尽管面临逆风，全年指导重申</h2>
<p>管理层重申 2026 年工业净销售指导为持平至下降 4%，并维持工业 EBIT 利润率目标为 2.5% 至 3.5%。公司仍预计工业自由现金流为 1.5 亿至 3.5 亿美元，调整后的每股收益在 0.35 至 0.45 美元之间，暗示与疲软的第一季度相比有显著改善。</p>
<h2>持续的股票回购支持</h2>
<p>CNH Industrial 在年初的前三个月继续通过回购向股东返还资本。这些回购以每股约 10.70 美元的平均价格执行，表明管理层对长期价值的信心，尽管短期盈利压力和周期性动荡。</p>
<h2>农业利润率受到严重挤压</h2>
<p>农业毛利率从 20.0% 下滑至 19.1%，而调整后的 EBIT 利润率从一年前的 5.4% 陡降至 1.0%。管理层指出，关税、不利的产品组合以及更高的研发和销售管理费用是主要驱动因素，表明该部门的盈利能力远比表面销售数字所暗示的脆弱。</p>
<h2>工业部门转为运营亏损</h2>
<p>工业业务在第一季度录得调整后的 EBIT 亏损 4,500 万美元，尽管采取了定价措施和内部成本节约。关税变化以及销售和管理费用和研发支出的增加压倒了这些努力，突显出政策变化正在比公司能够抵消的速度更快地侵蚀利润率。</p>
<h2>建筑部门受到关税和质量问题的影响</h2>
<p>建筑净销售额下降 3% 至 5.74 亿美元，毛利率从 14.9% 降至 11.8%，调整后的 EBIT 利润率转为负 4.9%。关税影响和供应商质量问题导致部分收入推迟到第二季度，给该部门的盈利能力带来了双重打击。</p>
<h2>南美市场疲软拖累业绩</h2>
<p>南美农业销售在第一季度暴跌 28%，巴西被指出为问题区域。紧缩的信贷、政府融资计划的延迟、政治不确定性和低迷的农业经济都对需求施加了压力，使该地区成为 CNH Industrial 全球业绩的最大拖累之一。</p>
<h2>现金流出突显短期财务压力</h2>
<p>工业活动的自由现金流在第一季度显示出 5.69 亿美元的流出，符合典型的季节性营运资本增加，但仍然是一个显著的现金消耗。对于投资者而言，流出的规模突显了计划中的库存减少和未来几个季度利润恢复的重要性。</p>
<h2>关税制度重塑利润结构</h2>
<p>对第 232 条关税的变化意味着一些整机进口现在面临约 25% 的总价值关税，而不仅仅是对组件的关税。管理层估计这对农业利润率造成了 210 至 220 个基点的拖累，对建筑利润率造成了约 600 个基点的拖累，同时持续的第 301 条审查增加了进一步的不确定性。</p>
<h2>拉丁美洲金融部门的信用恶化</h2>
<p>金融服务的净收入下降至 7400 万美元，主要是由于巴西的风险成本上升，农场客户面临困难。22 亿美元的零售发放保持了 280 亿美元的管理投资组合，但逾期率上升至 3.5%，南美是主要的恶化因素。</p>
<h2>上升的运费和劳动力成本增加压力</h2>
<p>管理层警告称，如果持续整年，较高的运费和运输成本可能会带来大约 7000 万美元的总影响。劳动力通胀也在推动研发和销售及管理费用的上升，增加了成本压力，正值关税和疲软市场压缩利润率之际。</p>
<h2>第一季度盈利能力依然微薄</h2>
<p>本季度的调整后净收入仅为 2100 万美元，调整后的每股收益为 0.01 美元。这个数字突显了 CNH Industrial 的运营进展在外部逆风中被吞噬的程度，使得在当前环境下几乎没有盈利杠杆。</p>
<h2>指引与展望：在关税阴影下的谨慎乐观</h2>
<p>对于 2026 年，CNH Industrial 预计工业净销售将持平或下降 4%，农业销售大致持平或下降 5%，建筑销售大致持平，略受定价和货币的帮助。公司目标农业 EBIT 利润率为 4.5% 至 5.5%，建筑 EBIT 利润率为 1% 至 2%，即使在考虑到显著的关税逆风后，预计第二季度建筑将恢复到盈亏平衡以上。</p>
<p>CNH Industrial 的财报电话会议描绘了一幅在艰难的宏观和政策背景下进行有序执行的故事。强劲的订单簿、成本节约和技术投资为逐步改善提供了基础，但关税、南美的疲软和上升的成本使得基调保持平衡而非乐观，投资者在关注指引是否可实现的证据。</p>

<p>CNH Industrial NV 的第一季度财报电话会议强调了运营执行与宏观挑战之间的平衡。收入保持稳定，达到 38 亿美元，农业销售稳定，但由于关税和成本上升，利润率受到挤压。公司保持了严格的生产和库存控制，同时在现金流出达到 5.69 亿美元的情况下，重申了全年指导。工业部门面临 4500 万美元的调整后息税损失，受到关税和质量问题的影响。南美销售大幅下滑，给整体业绩带来了压力</p>

<p>Cnh Industrial Nv ((CNH)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>CNH Industrial Nv ((CNH)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>CNH Industrial NV’s latest earnings call struck a cautious balance between solid operational execution and mounting macro headwinds. Management highlighted disciplined production, cost savings projects and strong order coverage, but these positives were offset by tariff shocks, South American weakness, and sharply lower margins that left Q1 profitability and cash flow under clear pressure.</p>
<div class="lb-trans"><p>CNH Industrial NV 最新的财报电话会议在稳健的运营执行与日益增加的宏观逆风之间取得了谨慎的平衡。管理层强调了有序的生产、成本节约项目和强劲的订单覆盖，但这些积极因素被关税冲击、南美市场疲软和急剧下降的利润率所抵消，使第一季度的盈利能力和现金流面临明显压力。</p>
</div><h2>Consolidated Revenue Holds Steady Amid Volatility</h2>
<div class="lb-trans"><h2>在波动中保持稳定的合并收入</h2>
</div><p>Consolidated revenue came in at $3.8 billion, essentially flat year over year and in line with guidance. A roughly 4% tailwind from currency translation masked softer underlying demand, underscoring how external factors rather than volume growth are currently anchoring the top line.</p>
<div class="lb-trans"><p>合并收入为 38 亿美元，与去年基本持平，符合指导预期。约 4% 的货币转换利好掩盖了较软的基础需求，突显出外部因素而非销量增长目前正在支撑收入。</p>
</div><h2>Agriculture Sales Stable With EMEA Leading</h2>
<div class="lb-trans"><h2>农业销售稳定，EMEA 地区领先</h2>
</div><p>Agriculture net sales were about $2.6 billion, up 1% versus last year when including a 4% currency boost. Strength in EMEA, where sales jumped 20%, offset a modest 3% decline in North America and highlighted CNH Industrial’s regional diversification as a buffer against weak farm economics elsewhere.</p>
<div class="lb-trans"><p>农业净销售额约为 26 亿美元，同比增长 1%，其中包括 4% 的货币提振。EMEA 地区的强劲表现，销售额增长 20%，抵消了北美地区 3% 的小幅下降，突显了 CNH Industrial 的区域多样化作为应对其他地区疲软农业经济的缓冲。</p>
</div><h2>Tight Inventory Control and Production Discipline</h2>
<div class="lb-trans"><h2>严格的库存控制和生产纪律</h2>
</div><p>Management deliberately kept production low in Q1 to prevent channel stuffing and keep dealers healthy. Dealer inventories were flat by design, and the company reiterated plans to pull about $500 million out of dealer stock over the year, even if that adds near-term volume and margin friction.</p>
<div class="lb-trans"><p>管理层故意在第一季度保持低生产水平，以防止渠道堆积并保持经销商的健康。经销商库存按设计保持平稳，公司重申计划在一年内从经销商库存中抽走约 5 亿美元，即使这会增加短期的销量和利润压力。</p>
</div><h2>Operational Efficiencies and Manufacturing Savings</h2>
<div class="lb-trans"><h2>运营效率和制造节约</h2>
</div><p>Around 1,400 manufacturing projects executed last year generated roughly $45 million in savings, reflecting a tangible payoff from continuous improvement. One example, a fiber-laser automation project in Fargo, lifted throughput by 52% while improving quality, illustrating the leverage in shop-floor modernization.</p>
<div class="lb-trans"><p>去年执行的约 1,400 个制造项目产生了约 4,500 万美元的节约，反映出持续改进的实际回报。一个例子是在法戈的光纤激光自动化项目，提高了 52% 的产量，同时改善了质量，展示了车间现代化的杠杆作用。</p>
</div><h2>Digital and AI Tools Push Iron-Tech Integration</h2>
<div class="lb-trans"><h2>数字和人工智能工具推动铁科技整合</h2>
</div><p>CNH Industrial continued rolling out its AI-powered “tech assist” platform, now at about 70% of dealer locations. The system speeds diagnostics and parts identification, aiming to shrink downtime for customers and deepen the integration between hardware, software, and aftermarket support.</p>
<div class="lb-trans"><p>CNH Industrial 继续推出其人工智能驱动的 “技术助手” 平台，目前已在约 70% 的经销商地点实施。该系统加快了诊断和零件识别，旨在缩短客户的停机时间，并加深硬件、软件和售后支持之间的整合。</p>
</div><h2>Healthy Order Book Supports Near-Term Visibility</h2>
<div class="lb-trans"><h2>健康的订单簿支持短期可见性</h2>
</div><p>The company reported Q2 order books are essentially full, with “healthy” coverage already in place for Q3, even as it stays disciplined on factory loading. Agriculture net sales are expected to be roughly flat year over year in Q2, signaling demand has stabilized but is far from booming.</p>
<div class="lb-trans"><p>公司报告第二季度的订单簿基本满额，第三季度已经有 “健康” 的覆盖，尽管在工厂负荷方面保持纪律。预计第二季度农业净销售额与去年基本持平，表明需求已稳定，但远未繁荣。</p>
</div><h2>Full-Year Guidance Reaffirmed Despite Headwinds</h2>
<div class="lb-trans"><h2>尽管面临逆风，全年指导重申</h2>
</div><p>Management reaffirmed 2026 industrial net sales guidance of flat to down 4% and maintained an industrial EBIT margin target of 2.5% to 3.5%. The company still expects industrial free cash flow of $150 million to $350 million and adjusted EPS between $0.35 and $0.45, implying a meaningful improvement from the sluggish first quarter.</p>
<div class="lb-trans"><p>管理层重申 2026 年工业净销售指导为持平至下降 4%，并维持工业 EBIT 利润率目标为 2.5% 至 3.5%。公司仍预计工业自由现金流为 1.5 亿至 3.5 亿美元，调整后的每股收益在 0.35 至 0.45 美元之间，暗示与疲软的第一季度相比有显著改善。</p>
</div><h2>Ongoing Share Repurchase Support</h2>
<div class="lb-trans"><h2>持续的股票回购支持</h2>
</div><p>CNH Industrial continued to return capital to shareholders via buybacks in the first three months of the year. The repurchases, executed at an average price of about $10.70 per share, signal management’s confidence in long-term value despite near-term earnings pressure and cyclical turbulence.</p>
<div class="lb-trans"><p>CNH Industrial 在年初的前三个月继续通过回购向股东返还资本。这些回购以每股约 10.70 美元的平均价格执行，表明管理层对长期价值的信心，尽管短期盈利压力和周期性动荡。</p>
</div><h2>Agriculture Margins Squeezed Hard</h2>
<div class="lb-trans"><h2>农业利润率受到严重挤压</h2>
</div><p>Agriculture gross margin slid to 19.1% from 20.0%, while adjusted EBIT margin plunged to 1.0% from 5.4% a year earlier. Management cited tariffs, unfavorable product mix, and higher R&amp;D and SG&amp;A as key drivers, indicating the segment’s profitability is far more fragile than the headline sales figures suggest.</p>
<div class="lb-trans"><p>农业毛利率从 20.0% 下滑至 19.1%，而调整后的 EBIT 利润率从一年前的 5.4% 陡降至 1.0%。管理层指出，关税、不利的产品组合以及更高的研发和销售管理费用是主要驱动因素，表明该部门的盈利能力远比表面销售数字所暗示的脆弱。</p>
</div><h2>Industrial Segment Swings to Operating Loss</h2>
<div class="lb-trans"><h2>工业部门转为运营亏损</h2>
</div><p>The industrial businesses posted an adjusted EBIT loss of $45 million in Q1, despite pricing actions and internal cost savings. Tariff changes, as well as elevated spending on SG&amp;A and R&amp;D, overwhelmed these efforts, underscoring how policy shifts are eroding margins faster than the company can offset them.</p>
<div class="lb-trans"><p>工业业务在第一季度录得调整后的 EBIT 亏损 4,500 万美元，尽管采取了定价措施和内部成本节约。关税变化以及销售和管理费用和研发支出的增加压倒了这些努力，突显出政策变化正在比公司能够抵消的速度更快地侵蚀利润率。</p>
</div><h2>Construction Segment Hit by Tariffs and Quality Issues</h2>
<div class="lb-trans"><h2>建筑部门受到关税和质量问题的影响</h2>
</div><p>Construction net sales fell 3% to $574 million, while gross margin dropped from 14.9% to 11.8% and adjusted EBIT margin turned negative 4.9%. Tariff impacts and a supplier quality issue that pushed some revenue into Q2 combined to create a double blow for the segment’s profitability.</p>
<div class="lb-trans"><p>建筑净销售额下降 3% 至 5.74 亿美元，毛利率从 14.9% 降至 11.8%，调整后的 EBIT 利润率转为负 4.9%。关税影响和供应商质量问题导致部分收入推迟到第二季度，给该部门的盈利能力带来了双重打击。</p>
</div><h2>South America Weakness Weighs on Results</h2>
<div class="lb-trans"><h2>南美市场疲软拖累业绩</h2>
</div><p>South American agriculture sales plunged 28% in Q1, with Brazil singled out as a trouble spot. Tight credit, delayed government financing programs, political uncertainties and depressed farm economics all pressured demand, making the region one of the biggest drags on CNH Industrial’s global performance.</p>
<div class="lb-trans"><p>南美农业销售在第一季度暴跌 28%，巴西被指出为问题区域。紧缩的信贷、政府融资计划的延迟、政治不确定性和低迷的农业经济都对需求施加了压力，使该地区成为 CNH Industrial 全球业绩的最大拖累之一。</p>
</div><h2>Cash Outflow Highlights Near-Term Financial Strain</h2>
<div class="lb-trans"><h2>现金流出突显短期财务压力</h2>
</div><p>Free cash flow from industrial activities showed a $569 million outflow in Q1, in line with typical seasonal working-capital build but still a meaningful cash drain. For investors, the magnitude of the outflow underscores the importance of planned inventory reductions and margin recovery in the coming quarters.</p>
<div class="lb-trans"><p>工业活动的自由现金流在第一季度显示出 5.69 亿美元的流出，符合典型的季节性营运资本增加，但仍然是一个显著的现金消耗。对于投资者而言，流出的规模突显了计划中的库存减少和未来几个季度利润恢复的重要性。</p>
</div><h2>Tariff Regime Reshapes Margin Profile</h2>
<div class="lb-trans"><h2>关税制度重塑利润结构</h2>
</div><p>Changes to Section 232 tariffs mean some whole-machine imports now face duties of about 25% on total value, rather than just on components. Management estimates this represents a 210–220 basis point drag on agriculture margins and roughly 600 basis points on construction margins, while ongoing Section 301 reviews add further uncertainty.</p>
<div class="lb-trans"><p>对第 232 条关税的变化意味着一些整机进口现在面临约 25% 的总价值关税，而不仅仅是对组件的关税。管理层估计这对农业利润率造成了 210 至 220 个基点的拖累，对建筑利润率造成了约 600 个基点的拖累，同时持续的第 301 条审查增加了进一步的不确定性。</p>
</div><h2>Credit Deterioration in Latin America Finance Arm</h2>
<div class="lb-trans"><h2>拉丁美洲金融部门的信用恶化</h2>
</div><p>Financial Services net income slipped to $74 million, primarily due to higher risk costs in Brazil as farm customers struggled. Retail originations of $2.2 billion kept the managed portfolio at $28 billion, but delinquencies rose to 3.5%, with South America driving most of the deterioration.</p>
<div class="lb-trans"><p>金融服务的净收入下降至 7400 万美元，主要是由于巴西的风险成本上升，农场客户面临困难。22 亿美元的零售发放保持了 280 亿美元的管理投资组合，但逾期率上升至 3.5%，南美是主要的恶化因素。</p>
</div><h2>Rising Freight and Labor Costs Add to Pressure</h2>
<div class="lb-trans"><h2>上升的运费和劳动力成本增加压力</h2>
</div><p>Management warned that elevated freight and transportation costs could carry a gross impact of roughly $70 million if sustained for the full year. Labor inflation is also feeding into higher R&amp;D and SG&amp;A expenses, adding another layer of cost pressure just as tariffs and weak markets are compressing margins.</p>
<div class="lb-trans"><p>管理层警告称，如果持续整年，较高的运费和运输成本可能会带来大约 7000 万美元的总影响。劳动力通胀也在推动研发和销售及管理费用的上升，增加了成本压力，正值关税和疲软市场压缩利润率之际。</p>
</div><h2>Q1 Profitability Remains Very Thin</h2>
<div class="lb-trans"><h2>第一季度盈利能力依然微薄</h2>
</div><p>Adjusted net income for the quarter was only $21 million, translating to adjusted EPS of $0.01. The figure highlights how much of CNH Industrial’s operational progress is being swallowed by external headwinds, leaving minimal earnings leverage in the current environment.</p>
<div class="lb-trans"><p>本季度的调整后净收入仅为 2100 万美元，调整后的每股收益为 0.01 美元。这个数字突显了 CNH Industrial 的运营进展在外部逆风中被吞噬的程度，使得在当前环境下几乎没有盈利杠杆。</p>
</div><h2>Guidance and Outlook: Cautious Optimism Under Tariff Shadow</h2>
<div class="lb-trans"><h2>指引与展望：在关税阴影下的谨慎乐观</h2>
</div><p>For 2026, CNH Industrial expects industrial net sales to be flat to down 4%, with agriculture sales roughly flat to down 5% and construction sales about flat, helped modestly by pricing and currency. The company targets agriculture EBIT margins of 4.5% to 5.5% and construction EBIT margins of 1% to 2%, even after baking in sizable tariff headwinds, and sees Q2 construction returning above breakeven.</p>
<div class="lb-trans"><p>对于 2026 年，CNH Industrial 预计工业净销售将持平或下降 4%，农业销售大致持平或下降 5%，建筑销售大致持平，略受定价和货币的帮助。公司目标农业 EBIT 利润率为 4.5% 至 5.5%，建筑 EBIT 利润率为 1% 至 2%，即使在考虑到显著的关税逆风后，预计第二季度建筑将恢复到盈亏平衡以上。</p>
</div><p>CNH Industrial’s earnings call painted a story of disciplined execution battling a tough macro and policy backdrop. Strong order books, cost savings and tech investments provide a base for gradual improvement, but tariffs, South American weakness, and rising costs keep the tone balanced rather than bullish, leaving investors watching for proof that guidance is achievable.</p>
<div class="lb-trans"><p>CNH Industrial 的财报电话会议描绘了一幅在艰难的宏观和政策背景下进行有序执行的故事。强劲的订单簿、成本节约和技术投资为逐步改善提供了基础，但关税、南美的疲软和上升的成本使得基调保持平衡而非乐观，投资者在关注指引是否可实现的证据。</p>
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CNH Industrial NV 通过纪律性来平衡关税带来的痛苦