Equipment Roundup

In this Equipment Roundup, DTN/Progressive Farmer looks at Case IH unveiling its new all-in-one mobile and web FieldOps app, Case IH and AGCO reporting first-quarter losses and CNHI dropping the "I" as its New York Stock Exchange trading symbol reverts to CNH.

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CASE IH REVEALS FIELDOPS APP

Case IH is unveiling its FieldOps app, a new all-in-one mobile and web solution designed for farmers to connect, view and manage their operations. FieldOps provides real-time access to agronomic, machine and operational data, connecting farmers to their machines, fields, teams and partners and empowering them with actionable insights, Case IH said.

Here are key features of FieldOps:

-- Data Visualization: Access to real-time agronomic data and machine insights, including location and duty status, current machine parameters, estimated job completion time and 24-hour history.

-- Machine Analytics: Users can proactively monitor machine health and quickly spot high-priority issues. Data can be viewed for any specific field over individual seasons and years.

-- Remote Viewing of In-Cab Display: Machine monitoring and easy coordination with operators, including functionality to suggest changes.

-- Simple Solutions: Case IH FieldOps centralizes tools from the AFS Connect platform into one streamlined management solution, using data from farm operations, even for those with multi-branded fleets. Farmers access their field and farm data on one platform.

The Case IH FieldOps mobile and web app is currently in its final stages of development and testing, with a full release expected later in the year.

For more information, visit www.CaseIH.com.

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CNH INDUSTRIAL ANNOUNCES FIRST-QUARTER FINANCIAL RESULTS

CNH Industrial reported financial results for the three months ending March 31, 2024, with net income of $402 million and diluted earnings per share of $0.31 compared with net income of $486 million and diluted earnings per share of $0.35 for the three months ended March 31, 2023.

Consolidated revenues were $4.82 billion (down approximately 10% compared to the first quarter of 2023). Net sales of industrial activities were $4.13 billion (down approximately 14% compared to the first quarter 2023).

"The CNH team navigated a declining market environment in the first quarter, as lower industry demand persisted especially in South America and Europe," said company CEO Scott Wine. "Anticipating these headwinds, we are continuing to improve what we can control -- production efficiency, disciplined commercial execution ... and thoughtful product and technology investments."

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CNH TRADES UNDER NEW SYMBOL

CNH Industrial has announced that the company's common shares listed on the New York Stock Exchange (NYSE) will begin trading under the symbol "CNH" effective Monday, May 20.

This will replace the company's current ticker symbol, "CNHI," marking a return to both its original ticker symbol "CNH" -- used until 2013 -- and CNH's identity as a pureplay provider of equipment, technology and services for agriculture and construction.

CNH Industrial N.V. will remain the name of the legal entity.

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AGCO REPORTS FIRST-QUARTER RESULTS

Duluth, Georgia-based AGCO reported net sales of $2.9 billion for the first quarter ended March 31, 2024, a decrease of 12.1% compared to the first quarter of 2023.

Reported net income was $2.25 per share for the first quarter of 2024, and adjusted net income was $2.32 per share. These results compare to reported net income of $3.10 per share and adjusted net income of $3.51 per share for the first quarter of 2023.

"Our results reflect the declining global demand for the agricultural equipment industry, and as anticipated, correspondingly significant production cuts that still led to solid results," said Eric Hansotia, AGCO's chairman, president and CEO.

Hansotia said that AGCO continues to reward shareholders through dividends and investments in three core initiatives: growing AGCO's precision ag business, globalizing a full line of Fendt-branded products and expanding its parts and service business.

"We successfully completed the PTx Trimble joint venture transaction in early April, which greatly enhances our retrofit and mixed-fleet precision ag business," Hansotia said. "We also launched our new leading brand, PTx, which combines precision ag technologies from PTx Trimble and Precision Planting, the cornerstones of AGCO's tech stack. The strategic alignment of these brands will expedite AGCO's technology transformation."

Dan Miller can be reached at dan.miller@dtn.com

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