CNH Industrial Reports Decline in Q1 Construction Equipment Sales
The Case and New Holland parent says it continues to search for partners to expand its construction equipment business.
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CNH Industrial’s construction equipment business saw declining net sales and adjusted earnings in the first quarter of 2026, and company leadership confirmed the search for a construction business partner is progressing.
CNH Industrial is the parent company for the Case and New Holland brands.
Global net sales in CNH’s construction equipment segment were down 3% year-over-year to $574 million. In the first quarter, the construction business posted a $28 million loss in adjusted earnings before interest and taxes.
Key negative impacts included lower sales volumes in North America and South America, higher tariffs, higher trade show marketing costs, and labor cost inflation, all partially offset by improving equipment selling prices.
During the company’s 2025 annual earnings call in February, CEO Gerrit Marx said the company had renewed its search for partnerships to expand its construction business. During the most recent earnings call, Marx confirmed conversations with potential partners were ongoing but would not be rushed.
“They're very good conversations that we have that will build a stronger CE lineup for the construction business and that will also further enhance the construction machines that we expect to get shipped under the New Holland construction brand back to our ag dealers,” Marx said. “Not saying when that will be the case, but in, I think, over the course of the remainder of 2026 or first half of 2027, we should be clearer on the path forward for our construction business.”
CNH Industrial’s ag equipment business, on the other hand, saw a 1% increase in first-quarter net sales to $2.6 billion. Adjusted earnings before interest and taxes, however, also fell, ddropping 81% year-over-year to $27 million. The business segment saw lower sales volumes in North and South America, a negative impact from higher tariffs and higher expenses, all partially offset by favorable price realization (the net difference between a machine’s listed price and the actual selling price).
Consolidated revenue in the first quarter fell less than 1% to $3.8 billion, while net income was down 92% year-over-year from $132 million to $10 million.
Looking to its full 2026 fiscal year, CNH forecasts construction equipment net sales will be flat year-over-year and ag equipment sales will be flat to down 5%.
