Tractor and truck maker CNH Industrial's third-quarter profit fell as a stronger euro hurt its Latin American business and its truck business suffered from pricing pressure in a flat market.
The sister company of Italian car maker Fiat stuck to its full-year targets on Thursday as a strong performance from high-margin agricultural machinery is expected to offset weakness in trucks and construction equipment.
CNH Industrial, which competes with Caterpillar Inc. and Deere & Co, said third-quarter revenue fell 1.5% to 6.22 billion euros ($8.57 billion).
It makes about 45% of its agricultural and construction equipment sales in North America, 17% in Latin America, and 26% in Europe.
CNH Industrial's results were the first since the merger between Fiat Industrial and its U.S. unit CNH.
Net profit fell to 248 million euros from 291 million a year earlier.
Trading profit (earnings before interest, tax and one-time items) at truck unit Iveco, which accounts for about a third of the group's sales, fell 95% to 15 million euros.
Net revenue however rose nearly 2% to 2.09 billion euros because of what the company said was a "modest recovery" in European demand.
CNH Industrial confirmed its 2013 targets of a 3-4% revenue increase, a trading margin of between 7.5-8.3% and net industrial debt of between 1.4 billion-1.6 billion euros.