Milan | Reuters – Vehicle and equipment maker CNH Industrial posted a narrower-than-expected second quarter loss on Thursday and forecast net sales from industrial activities would fall between 15-20 percent this year, as a consequence of the COIVD-19 epidemic.
In March the group, which is controlled by Exor, the holding company of Italy’s Agnelli family, withdrew its financial outlook for this year due to the deterioration of global macroeconomic and market conditions triggered by the virus outbreak.
The maker of farm machinery, Iveco commercial vehicles, construction equipment and powertrains, said its adjusted operating loss from industrial activities amounted to $58 million in the second quarter, better than a forecast in an analyst poll compiled by Reuters for a $221 million loss.
That compares with an operating profit of industrial activities of $527 million in the same period of last year.
Milan-listed shares in CNH Industrial trimmed losses after results were released. By 1220 GMT they were down 0.4 percent after being down up to 4 percent previously.