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MILAN (AP) — CNH Industrial, the Italian maker of construction and agriculture machinery, says second-quarter earnings dropped by more than half on lower sales of combines and larger tractors in North and South America.
CNH Industrial, which was formed from the full merger of Fiat Industrial with its CNH subsidiary, reported Wednesday that profits dropped to 178 million euros ($196 million) in the three months ending June 30, from 399 million euros a year earlier.
Net revenues in the period were down 22 percent, to 7 billion euros from 9 billion euros.
Agriculture revenues, which comprise about half of CNH sales, dropped 31 percent in the quarter to 3 billion euros while construction equipment sales were down 20 percent to 740 million euros, due primarily to lower volumes in Latin America.
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