a nightmare month, almost 17 billion burned

#nightmare #month #billion #burned

A nightmare period for the dynasty Agnelli-Elkann: concerns concern Stellar and also Cnh Industrialall due to the automotive group’s terrible quarterly results, with sales down 10 percent.

Then, as mentioned, the Cnh front, the company specialized in the production of industrial vehicles: in fact it closes first quarter of 2024 with a net profit of 402 million dollars, down 17.2% compared to the same period in 2023. And again, revenues fell by 10% to $4.818 billion, while earnings per share went from $0.35 to $0.31.

On the situation, here are the words of Scott WineCEO of CNH Industrial: “In the first quarter, CNH experienced a declining market environment as industrial demand continued to decline, especially in South America and Europe,” he said. “By anticipating these obstacles, we are continuing to improve what we can control: manufacturing efficiency, disciplined business execution, reasonable reductions in operating expenses and thoughtful investments in products and technologies,” concluded Wine.

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The consequences are also being felt on the stock market. As for CNH, in the last month the group has collapsed by almost 10 percent. Then the Stellantis chapter, even more dramatic and worrying: in the last month the decline was drastic, equal to 19.22% of the capitalization. In absolute terms, CNH in terms of capitalization lost over 1.6 billion in a month, while Stellantis even lost 16 billion and 790 million. A crazy blow, for the group whose John Elkann he is president and Carlos Tavares the over-paid ad.

The collapse of the car market and the ultra-bearish trend on the stock market, obviously, could have a negative impact on the Italian economy, with further job losses and a new contraction in industrial production. In short, the sky on the horizon is populated by increasingly darker clouds…

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