London, United Kingdom — CNH Industrial N.V. announced consolidated revenues of $7,567 million for the second quarter of 2019, down 6% compared to the second quarter of 2018 (down 2% on a constant currency basis). Net sales of industrial activities were $7,068 million in the second quarter of 2019, down 7% compared to the second quarter of 2018 (down 2% on a constant currency basis). Net income was $427 million for the second quarter of 2019 ($408 million in the second quarter of 2018).

Agriculture Segment

Agriculture’s net sales decreased 7% in the second quarter of 2019 vs. the second quarter of 2018 (down 3% on a constant currency basis) due to lower sales volume in Europe and Rest of World, partially offset by positive price realization performance across all geographies. 

Adjusted EBIT was $341 million in the second quarter of 2019 ($396 million in the second quarter of 2018), with adjusted EBIT margin at 11%. Positive net price realization was more than offset by unfavorable volume and mix, higher product costs primarily related to increased raw material costs and tariffs, and increased product development spending driven by investments in precision farming and the introduction of Stage V engine applications.

Construction Segment

Construction’s net sales decreased 5% in the second quarter of 2019 compared to the second quarter of 2018 (down 3% on a constant currency basis). Positive price realization was more than offset by unfavorable volume and mix in North America due to selective inventory destocking actions in our…