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CNH Industrial sees no impact on FY revenue from Ukraine crisis

CNH Industrial sees no impact on FY revenue from Ukraine crisis - exec
CNH Industrial sees no impact on FY revenue from Ukraine crisis - exec Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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TURIN -Italy's CNH Industrial does not expect a hit to its revenue this year despite a halt to business in Russia and disruption in Ukraine, the agricultural and construction machine maker's EMEA regional boss said on Wednesday.

"Missing revenue in Russia and Ukraine is not impacting CNH's revenue for this year," Carlo Alberto Sisto said during a company presentation in Turin, adding the two countries accounted for around 3% of group sales.

Sisto said after business in Ukraine fell sharply in the first two months of Moscow's invasion, CNH has seen a "strong" recovery in exports to the country, both for the sowing and the harvesting season.

"In recent months we have sold tractors, machines and spare parts in Ukraine," Sisto said. "I cannot say we're back to normal there, but certainly the impact on our sales is lower than 3%".

Sisto said that CNH had stopped all exports of products and spare parts to Russia following international sanctions on Moscow. It has also halt operations at an assembly plant it runs there, though it has retained its workforce.

"We're not even shipping a bolt to Russia at the moment," he said.

Sisto added that CNH was not worried about disruptions to Russian gas supply hitting countries where it operates, including Poland, where it runs two plants.

"We're moving to find alternative solutions but at the moment we don't see any production halt in Poland," Sisto said.

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