London (UK) — CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $7,144 million for the fourth quarter 2015, down 4.1% compared to Q4 2014 on a constant currency basis (down 14.6% on a reported basis). Net sales of Industrial Activities were $6,869 million in Q4 2015, down 3.6% compared to Q4 2014 on a constant currency basis (down 14.3% on a reported basis). The full year 2015 consolidated revenues were $25,912 million, down 9.2% compared to 2014 on a constant currency basis (down 20.4% on a reported basis). Net sales of Industrial Activities were $24,677 million in 2015, down 9.6% compared to 2014 on a constant currency basis (down 20.9% on a reported basis). Net sales of Commercial Vehicles increased 4.8% excluding the negative impact of currency translation, due to increased demand and market share gains in the EMEA region. Net sales of Agricultural Equipment declined 19.6% excluding the negative impact of currency translation, driven by lower industry volumes in the NAFTA and LATAM row crop sectors offset by positive net price realization. Net sales also decreased in Construction Equipment, due primarily to negative industry volumes in LATAM, and in Powertrain, due to lower volume to captive customers.

Agricultural Equipment

Agricultural Equipment’s net sales totaled $2,982 million for the fourth quarter 2015, a decrease of 3.8% compared to the same period in 2014 on a constant currency basis (down 12.4% on a reported basis), due to lower industry volumes, partially offset by positive net pricing. In the full year 2015, Agricultural Equipment’s net sales were $11,025 million, down 19.6% compared to 2014 on a constant currency basis (down 27.5% on a reported basis), driven by declining industry volumes in the NAFTA and LATAM row crop sectors.

Operating profit was $348 million for the fourth quarter, a $107 million increase compared to Q4 2014, with an operating margin of 11.7%, up 4.6 p.p. over the same period in 2014 and the highest in the OEM space. The increase was due to net price realization, structural cost reductions and favorable material costs, partially offset by reduced industry volume in the row crop sector and negative foreign exchange translation. In the full year 2015, Agricultural Equipment’s operating profit was $952 million, with an operating margin of 8.6%.

For the full year 2015, worldwide agricultural equipment industry unit sales were down compared to 2014, with global demand for tractors and combines down 8% and 19%, respectively. The NAFTA row crop sector was down, with tractors over 140 horsepower down 31% and combines down 28%. The NAFTA tractor under 40 horsepower segment was up 6%, while the 40-140 horsepower segment was down 3%. EMEA markets were down 7% for tractors and 7% for combines. LATAM tractor sales decreased 27%, and combine sales decreased 39%. APAC markets decreased 9% for tractors and 4% for combines.

For 2015, Agricultural Equipment’s worldwide market share performance was flat to the prior year for both tractors and combines.

The full earnings release can be found here.