-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下： CNH Industrial 2026年第一季度业绩反映出农业设备市场下行周期的严重性，营收持平于38.3亿美元，但净利润同比暴跌92%至1000万美元，稀释后每股收益从0.10美元降至0.01美元。农业业务持续承压，尽管净销售额同比增长1%至26亿美元，但调整后息税前利润率仍下降440个基点至1.0%，这反映出北美需求疲软和研发支出增加。建筑业务业绩恶化，转为亏损，利润率为-4.9%，表明公司面临一些特有的挑战。管理层重申了2026年业绩指引，预计农业销售额同比下降5%至持平，利润率为4.5%-5.5%；建筑业务销售额与去年同期基本持平，利润率为1.0%-2.0%。我们观察到现金流压力增大，自由现金流消耗量增至5.89亿美元，而金融服务业务则提供了相对稳定的局面。我们认为，显著的经营杠杆率下降凸显了当前充满挑战的经营环境，但管理层重申业绩指引表明其对稳定业绩的信心。
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