CNH Industrial Posts Q3 Loss

(RTTNews) - CNH Industrial N.V. (CNHI) Thursday reported a loss for the third quarter, compared to a profit last year, hurt largely by a hefty currency charge related to its Venezuelan operations.

Net loss for the quarter was $128 million or $0.09 per share, compared to a net income of $162 million or $0.13 per share last year.

Bottom line was impacted by a 150 million exceptional charge due to the re-measurement of the Venezuelan operations.

Net income before restructuring and other exceptional items was $38 million or $0.03 per share, down from $214 million or $0.16 per share last year.

Total revenues for the quarter dropped to $5.85 billion from $7.74 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.12 per share on revenues of $6.61 billion for the quarter.

Looking forward, the company expects the continued demand weakness primarily in Latin America and ongoing strength of the U.S. dollar will have a negative impact on the revenue levels previously forecast for the fourth quarter.

The company now expects sales of $25 billion to $26 billion. Analysts currently estimate revenues of $27.36 billion for the year.