When CNH Industrial was formed last year to include Fiat’s ag equipment, construction equip¬ment, commercial vehicle and powertrain business segments, it was assumed that ag would carry the load when it comes to revenues, profits, etc. The full-year 2014 financial results reinforced CNH Industrial’s reliance on its ag segment.

Last year, ag equipment sales accounted for 45% of CNHI’s net sales, but 84% of its operating profit. The operating margin for the farm machinery segment was 11.6% compared to 0.3% for commercial vehicles, 2.4% for construction equipment and 5% for powertrain operations.