CNH Industrial posted consolidated revenues of $5.6 billion in the second quarter of 2020, down 26% compared to the second quarter of 2019. In total, consolidated revenues were $5.6 billion for the second quarter of the current year, down 26% year-over-year compared to the second quarter of 2019. Net sales of Industrial Activities were $5.2 billion for the second quarter, down 27% compared to the same period the year prior.

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By business segment, agriculture’s net sales totaled $2.5 billion in the second quarter of 2020, down 18% compared to the second quarter of 2019. The company said the decrease was driven by lower industry volumes linked to the COVID-19 pandemic, primarily in Europe, partially offset by positive price realization.

Construction’s net sales totaled $420 million in the second quarter, down 45% compared to the same period of 2019 as a result of weaker market conditions due to the COVID-19 pandemic, continued channel inventory destocking actions, mainly in North America and negative price realization.

Total net sales for CNHI’s Industrial group (including Ag, CE, Powertrain, Commercial and Specialty Vehicles) reached $5.2 billion in the second quarter of 2020, down 27% compared to the same period of 2019 due to severe adverse COVID-19 impacts on supply chain and market conditions across all regions and segments, according to CNH Industrial.

2020 Outlook

In looking ahead to the remainder of the year, CNH Industrial said, “While uncertainties regarding the evolution of the COVID-19 pandemic remain, the company will continue to look…