EX-99.1

Exhibit 99.1

2014 FOURTH QUARTER AND FULL YEAR RESULTS

“CNH Industrial closed 2014 with revenues of $32.6 billion, net income of $708 million and net income before restructuring and other exceptional items of $940 million.”

Financial results under U.S. GAAP^{(*) (**)}

•

Revenues totaled $8.4 billion for the fourth quarter and $32.6 billion for the full year 2014 ($9.3 billion and $33.8 billion for the same periods in 2013). Net sales of Industrial Activities were $8.0 billion for the quarter and $31.2 billion for the year ($9.0 billion and $32.7 billion for the same periods in 2013), down 5.9% and 2.8%, respectively, on a constant currency basis.

•

Operating profit of Industrial Activities was $376 million for the quarter ($389 million in Q4 2013), with an operating margin at 4.7% (up 0.4 p.p.). For the full year operating profit of Industrial Activities was $1,988 million ($2,095 million in 2013). Operating margin stood at 6.4%, flat year over year.

•

Net income was $87 million (or $0.06 per share) for the quarter and $708 million (or $0.52 per share) for the full year. Net income before restructuring and other exceptional items was $167 million (or $0.12 per share) for the quarter and $940 million (or $0.69 per share) for the full year, up $50 million compared to Q4 2013 and down $7 million for the full year.

•

Net industrial debt was $2.7 billion at December 31, 2014 ($3.9 billion at September 30, 2014 and $2.2 billion at December 31, 2013). Available liquidity totaled $8.9 billion ($8.7 billion at December 31, 2013).

•

The Board of Directors is recommending for 2014 a dividend of €0.20 per common share, totaling approximately $307 million (€271 million).

•

For 2015 CNH Industrial expects net sales of Industrial Activities at approximately $28 billion, with operating margin of Industrial Activities between 6.1% and 6.4%. Net industrial debt expected between $2.2 billion and $2.4 billion.

(*)

Beginning with the filing with the U.S. Securities and Exchange Commission (“SEC”) of its annual report on Form 20-F for the fiscal year ended December 31, 2013, prepared in accordance with U.S. GAAP, CNH Industrial reports quarterly and annual financial results both under U.S. GAAP for SEC reporting purposes and under IFRS for European listing purposes and Dutch law requirements. Financial statements under both sets of accounting principles use the U.S. dollar as the reporting currency. In addition, as disclosed in the Form 20-F, CNH Industrial has expanded its reportable segments from three (Agricultural and Construction Equipment inclusive of its financial services activities, Trucks and Commercial Vehicles inclusive of its financial services activities, and Powertrain) to five (Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain and Financial Services). The following tables and comments on the financial results of the Company and by segments are prepared in accordance with U.S. GAAP. Financial results under IFRS are shown in specific tables at the end of this press release. Prior period results under IFRS, prepared in Euro, have been consistently recast into U.S. dollars. A summary outlining the Company’s transition to U.S. GAAP and the U.S. dollar as the reporting currency is available on the Company’s website, www.cnhindustrial.com.

(**)

Refer to the Non-GAAP Financial Information section of this press release for information regarding Non-GAAP financial measures.

CNH INDUSTRIAL

Summary Income Statement ($ million)


Full Year								4^th Quarter
2014		2013		Change				2014		2013		Change
	32,555		33,836		-3.8	%	Revenues		8,365		9,290		-10.0	%
	708		828		-120		Net income		87		54		33
	940		947		-7		Net income before restructuring and other exceptional items		167		117		50
	710		677		33		Net income attributable to CNH Industrial N.V.		83		60		23
	0.52		0.54		-0.02		Basic EPS ($)		0.06		0.04		0.02
	0.52		0.54		-0.02		Diluted EPS ($)		0.06		0.04		0.02
	0.69		0.63		0.06		Basic EPS before restructuring and other exceptional items ($)		0.12		0.08		0.04

CNH Industrial N.V.

Corporate Office:

Cranes Farm Road

Basildon, Essex, SS14 3AD

United Kingdom

London (UK) – (January 29, 2015) CNH Industrial N.V. (NYSE:CNHI / MI:CNHI) today announced consolidated revenues of $32,555 million for 2014, down 3.8% compared to 2013 (down 2.1% on a constant currency basis). Net sales of Industrial Activities were $31,198 million in 2014, down 4.5% from 2013 (down 2.8% on a constant currency basis). Net sales increases in Construction Equipment and Powertrain were offset by a decline in Agricultural Equipment, mainly due to unfavorable volume and product mix, particularly in LATAM and NAFTA, and in Commercial Vehicles in LATAM, as well as by the negative impact of currency translation, primarily relating to the Brazilian real.

Operating profit of Industrial Activities was $1,988 million in 2014, a 5.1% decrease compared to 2013 (down 3.6% on a constant currency basis), with an operating margin for the year at 6.4%, in line with 2013. Operating profit improved in Construction Equipment and Powertrain and declined in Agricultural Equipment and Commercial Vehicles. Construction Equipment benefitted from favorable volume and mix in all regions, positive price realization, and cost efficiencies. For Powertrain, the improvement was due to the increased activity with third parties, and continued industrial cost efficiencies. For Commercial Vehicles, positive performance in EMEA and APAC and significant reductions in selling, general and administrative (“SG&A”) expenses were offset by the negative effects of challenging trading conditions in LATAM, due to a significant decline in market demand. In Agricultural Equipment, lower volume and negative product mix were partially offset by positive net price realization, industrial efficiencies and structural cost reductions in SG&A and research and development (“R&D”) expenses. Foreign exchange translation impacts were not material to the operating profit of Industrial Activities.

Restructuring expenses totaled $184 million for the year, as part of the Company’s Efficiency Program announced in July 2014. Agricultural Equipment recorded $43 million primarily due to the closure of a joint venture in China and cost reduction activities as a result of negative demand conditions. Commercial Vehicles recorded $102 million mainly due to actions to reduce SG&A expenses and business support costs as a result of the transition to CNH Industrial’s regional structure, and costs related to the completion of manufacturing product specialization programs. Construction Equipment recorded $39 million mainly due to the realignment of the dealer networks in EMEA as a result of the re-positioning of the Case and New Holland brand offerings , and the announced closure of the Company’s Calhoun, Georgia, USA facility. For 2013, restructuring expenses were $71 million, mainly related to Commercial Vehicles primarily related to manufacturing product specialization programs.

Interest expense, net totaled $613 million in 2014, $65 million higher than 2013, primarily due to an increase in average net industrial debt during the year, partially offset by more favorable interest rates primarily related to the new notes issued during the year.

Other, net was a charge of $313 million for 2014 (charge of $284 million for 2013). The increase of $29 million was mainly due to higher foreign exchange losses, which included a $71 million pre-tax charge for the re-measurement of Venezuelan assets denominated in Bolivars.

Income taxes totaled $467 million for 2014, representing an effective tax rate of 42.9% (2013 effective tax rate of 48.8%), in line with the Company’s expectations for the year, and well above the expected long term target.

Equity in income of unconsolidated subsidiaries and affiliates totaled $86 million for the year ($125 million for 2013); the decrease was mainly due to lower results from APAC joint ventures as a result of more difficult trading conditions.

Net income of Financial Services was $364 million for 2014, compared to $342 million for 2013, as a result of a larger comparable portfolio and one-time items in the previous year.

Consolidated net income was $708 million for 2014 ($828 million for 2013). Net income attributable to CNH Industrial N.V. was $710 million ($677 million for 2013), or $0.52 per share ($0.54 per share for 2013). Net income before restructuring and other exceptional items (a non-GAAP measure) was $940 million for 2014 ($947 million for 2013), or $0.69 per share ($0.63 per share for 2013).

Net industrial debt of $2.7 billion at December 31, 2014 was $0.5 billion higher than at December 31, 2013. Cash generation in the operations before changes in working capital contributed for $1.3 billion. Changes in working capital negatively impacted by $1.0 billion, mainly due to lower payables as a result of the relevant production curtailments in Agricultural Equipment in the fourth quarter, and of Commercial Vehicles in EMEA returning to normalized levels of production as compared to prior year’s Euro V pre-buy activity, as well as in LATAM operations. Capital expenditure activity totaled $1.0 billion and dividend payments were $0.4 billion. Currency translation differences on euro-denominated debt positively affected net industrial debt by $0.6 billion.

Available liquidity at December 31, 2014 was $8.9 billion, inclusive of $2.7 billion in undrawn committed facilities ($2.2 billion at December 31, 2013), compared to $8.7 billion at December 31, 2013. During the year, a €1.75 billion five-year committed revolving credit facility was signed, replacing an existing three-year €2 billion facility due to mature in February 2016.

The Company reported consolidated revenues of $8,365 million for the fourth quarter of 2014, down 10.0% compared to Q4 2013 (down 4.9% on a constant currency basis). Net sales of Industrial Activities were $8,018 million in Q4 2014, down 10.9% from Q4 2013 (down 5.9% on a constant currency basis), largely as a result of the difficult demand conditions in Agricultural Equipment.

Operating profit of Industrial Activities totaled $376 million for the fourth quarter ($389 million in the comparable period), with an operating margin of 4.7% (4.3% in Q4 2013). Construction Equipment operating performance improved as a result of lower SG&A and R&D expenses, and positive volume and mix. Agricultural Equipment operating profit was negatively affected by unfavorable volume and mix, including negative industrial absorption primarily related to production curtailments to realign inventory to market demand, partially offset by favorable pricing and cost efficiencies. Commercial Vehicles operating performance was stable compared to Q4 2013 as improved EMEA operations were able to offset challenging trading conditions in LATAM and negative foreign exchange currency impacts. Powertrain operating performance was stable, with industrial efficiencies offsetting reduced volumes with captive customers.

Restructuring expenses totaled $86 million in the quarter, mainly due to actions to reduce SG&A expenses and business support costs, as well as costs related to the completion of manufacturing product specialization programs for Commercial Vehicles, and to cost reduction activities as a result of negative demand conditions within Agricultural Equipment. For Q4 2013, restructuring expenses were $39 million, mainly related to Commercial Vehicles.

Interest expense, net totaled $164 million for the quarter, compared to $166 million for Q4 2013, with more favorable interest rates offset by an increase in average net industrial debt.

Net income of Financial Services was $98 million for the quarter, compared to $122 million for Q4 2013, as the positive impact of the higher average portfolio and lower provisions for credit losses was more than offset by higher income taxes.

Consolidated net income was $87 million for the quarter ($54 million for Q4 2013). Net income attributable to CNH Industrial N.V. was $83 million for the quarter ($60 million for Q4 2013), or $0.06 per share ($0.04 per share for Q4 2013), Net income before restructuring and other exceptional items (a non-GAAP measure) was $167 million for the quarter ($117 million for Q4 2013).

Net sales for Agricultural Equipment were $15,204 million for 2014, down 9.3% from 2013 (down 7.9% on a constant currency basis), driven by unfavorable volume and product mix, particularly in LATAM and NAFTA with a significant decrease for high horsepower products. This impact was partially offset by positive pricing. All of the regions reported decreases in net sales with the largest proportionate decline reported in LATAM. The geographic distribution of net sales for the year was 45% NAFTA, 31% EMEA, 13% LATAM and 11% APAC.

Worldwide agricultural equipment industry unit sales were down compared to 2013, with global demand for tractors down 7% and combines down 18%. NAFTA tractor demand was up 3%, largely concentrated in the lower horsepower segment (under 140 hp). The over 140 hp segment and combine demand were both down 25% year over year. LATAM tractor and combine markets decreased 15% and 24% respectively. EMEA markets were down 8% for tractors and 10% for combines, with a significant deceleration in tractor demand in Q4 2014. APAC markets decreased 8% for tractors and 9% for combines.

Agricultural Equipment’s worldwide market share performance was in line with the market for tractors but below the market for combines, mainly due to transition to Tier 4B engine compliant products in NAFTA and a negative market mix in APAC.

Agricultural Equipment’s worldwide production units was 5% higher than retail sales during 2014 but 19% below retail sales for the fourth quarter, as the Company implemented its planned production slowdown to reduce Company and dealer inventory.

Agricultural Equipment’s operating profit was $1,770 million for the year ($2,008 million in 2013). Operating margin was 11.6% (12.0% in 2013), with decreased volumes, unfavorable product mix, and negative industrial cost absorption, offset by positive net pricing as well as SG&A and R&D expense reductions.

For the fourth quarter 2014, net sales totaled $3,403 million, a decrease of 17.8% compared to the same period in 2013 (down 14.2% on a constant currency basis), due to negative volume and product mix, partially offset by positive pricing.

Operating profit was $241 million in the fourth quarter, compared to $312 million for Q4 2013, with an operating margin of 7.1% (7.5% in Q4 2013). The decrease was driven by unfavorable volume, mix and industrial costs (primarily related to production curtailments to realign inventory to market demand), partially offset by favorable pricing, as well as SG&A and R&D expense reductions.

Net sales for Construction Equipment were $3,346 million in 2014, up 2.7% from 2013 (up 5.1% on a constant currency basis), due to positive pricing in NAFTA and LATAM, along with positive volume and mix in NAFTA and EMEA. This was partially offset by weakened activity in LATAM and APAC. The geographic distribution of net sales for the year was 44% NAFTA, 20% EMEA, 27% LATAM and 9% APAC.

In 2014, worldwide heavy and light construction equipment industry sales were down 9% and up 5%, respectively, from the prior year. Industry heavy construction equipment sales were up in NAFTA and EMEA but decreased in LATAM and APAC. Industry light construction equipment sales were up in NAFTA and EMEA, flat in APAC and down considerably in LATAM.

Construction Equipment’s worldwide market share was in line with the market overall. For heavy construction equipment, market share increased in all regions. For light construction equipment, market share was down slightly in APAC and EMEA, while up in LATAM.

Construction Equipment’s worldwide production was in line with retail sales for 2014.

Construction Equipment reported operating profit of $79 million for 2014 compared to an operating loss of $97 million for 2013, with an operating margin of 2.4%, as a result of favorable pricing in NAFTA and LATAM, positive volume and mix in all regions and lower SG&A and R&D expenses.

For the fourth quarter 2014, net sales totaled $800 million, a decrease of 3.8% compared to the same period in 2013 (down 0.5% on a constant currency basis), with weakness in LATAM, APAC and EMEA being mostly offset by favorable trading conditions in NAFTA.

Operating profit was $9 million in the fourth quarter, compared to an operating loss of $53 million for Q4 2013, with an operating margin of 1.1%, due to lower SG&A and R&D expenses as well as favorable volume and mix.

Net sales for Commercial Vehicles were $10,888 million in 2014, a decrease of 3.5% compared to 2013 (down 1.6% on a constant currency basis) due to lower volumes and the negative impact of currency translation, partially offset by better pricing in all regions. Net sales increased in EMEA driven by higher volumes and favorable mix for trucks, despite lower deliveries in the bus business due to the transition to Euro VI applications. In LATAM, net sales decreased significantly (-31.4%) as a result of overall weak market conditions, production curtailments to realign dealer inventories to market demand, and the negative impact of currency translation. In APAC, net sales increased due to higher volumes, mainly for buses, partially offset by the negative impact of currency translation. The geographic distribution of net sales for the year was 74% EMEA, 16% LATAM and 10% APAC.

During 2014, Commercial Vehicles delivered a total of 128,163 vehicles (including buses and specialty vehicles), representing a 5.5% decrease from 2013. Volumes were higher in the light segment (+2.1%), primarily as a result of the launch of the new Daily, while volumes declined in the heavy (-8.7%) and medium (-24.5%) segments driven by weak trading conditions in LATAM and Euro V pre-buy demand in the second half of 2013 in EMEA. Commercial Vehicles deliveries increased by 3.9% in EMEA and 0.9% in APAC, but declined 37.5% in LATAM (with Brazil down approximately 33% and Argentina down approximately 39%).

The European truck market (GVW >3.5 tons) grew by 1.0% compared to 2013 to approximately 667,700 units. Light vehicles (GVW 3.5-6 tons) increased by 8.4%, while the medium vehicles market (GVW 6.1-15.9 tons) and heavy vehicles market (GVW >16 tons) decreased by 18.4% and 6%, respectively, mainly due to increased sales of Euro V vehicles in the second half of 2013 prior to the introduction of Euro VI emissions regulations in January 2014. The industry continued to experience large variations in demand across markets.

The Company’s market share in the European truck market (GVW >3.5 tons) remained unchanged year over year at an estimated 10.9%. In the light segment, the share is estimated to be 10.7% (down 0.6 p.p.). In the medium segment, the Company’s market share increased by 4.5 p.p. to 29.1%, with gains in nearly all markets, and in the heavy segment was up 0.6 p.p. to 7.5%.

In LATAM, new truck registrations (GVW >3.5 tons), at 188,800 units, were down 16.4% compared to 2013. The largest decrease was registered in Venezuela, down 73.1%, while Argentina was down 26.0% and Brazil decreased 9.4%.

The Company’s share of the LATAM market (GVW >3.5 tons) was down 0.9 p.p. from 2013 to 10.1%, mainly driven by a 1.0 percentage point decrease in Brazil to 7.8%. Market share increased by 0.8 p.p. and 0.4 p.p., respectively, in light and medium segments, while market share declined by 1.9 p.p. in the heavy segment.

Commercial Vehicles closed the year with an operating profit of $29 million compared to an operating profit of $74 million for 2013, with an operating margin of 0.3% (0.7% for 2013). Difficult trading conditions and negative foreign exchange currency impacts in LATAM were partially offset by the recovery in trucks in EMEA, and cost control actions in SG&A.

For the fourth quarter 2014, Commercial Vehicles’ net sales totaled $3,354 million, a decrease of 5.5% compared to the same period in 2013 (up 0.9% on a constant currency basis). Net sales increased in EMEA as a result of favorable mix for trucks, despite lower volumes due to 2013 Euro V pre-buy impact. In APAC, Commercial Vehicles registered higher volumes mainly for buses due to deliveries in certain markets within the region. LATAM volumes were down due to unfavorable market conditions.

Operating profit was $100 million for the quarter, compared to $98 million for Q4 2013, with an operating margin of 3.0% (2.8% in Q4 2013). Favorable pricing in all regions and continuing cost containment on SG&A expenses offset lower volumes and the negative fixed-cost absorption in EMEA, when compared to the positive effects in Q4 2013 mainly driven by the Euro V pre-buy, and in LATAM, where markets remained weak.

Net sales for Powertrain were $4,464 million in 2014, an increase of 1.2% compared to 2013 (up 1.4% on a constant currency basis), primarily attributable to higher volumes. Sales to external customers accounted for 41% of total net sales (34% in 2013).

During the year, Powertrain sold a total of 583,589 engines, an increase of 7.1% compared to 2013. By major customer, 24% of engines were supplied to Agricultural Equipment, 24% to Commercial Vehicles, 5% to Construction Equipment and the remaining 47% to external customers (units sold to third parties were up 25% compared to 2013). Additionally, Powertrain delivered 64,174 transmissions (+3.3% compared to 2013) and 156,921 axles, in line with the prior year.

Powertrain closed the year with an operating profit of $223 million, up $36 million from 2013, with an operating margin of 5.0% (4.2% for 2013). The improvement was due to the increase in volumes, a larger proportion of third-party business, and industrial efficiencies.

For the fourth quarter 2014, Powertrain net sales totaled $988 million, a decrease of 25.8% over the same period in 2013 (down 19.1% on a constant currency basis) due to a different quarterly cadence in engine production year over year.

Operating profit was $66 million for the quarter (operating margin of 6.7%), compared to $69 million (operating margin of 5.2%) for Q4 2013, with the impact of lower volumes partially offset by cost containment actions.

In 2014 Financial Services reported revenues of $1,828 million, an increase of 8.9% compared to 2013, primarily driven by the increase in the average value of the portfolio.

Net income was $364 million for the year, compared to $342 million for 2013 which was negatively affected by the dissolution cost, net of taxes, of $25 million related to the joint venture with the Barclays group. Excluding this item, the improvement mainly attributable to a higher average portfolio value was offset by higher provisions for credit losses and higher income taxes.

Retail loan originations in the year were $10.8 billion, a decrease of $0.6 billion compared to 2013. The managed portfolio (including joint ventures) of $27.3 billion (of which retail was 65% and wholesale 35%) was up $0.4 billion compared to December 31, 2013. Excluding the impact of currency, the managed portfolio increased $2.2 billion, primarily in NAFTA (retail and wholesale) and LATAM (wholesale).

For the fourth quarter 2014, Financial Services’ revenues totaled $465 million, up 7.6% compared to the same period in 2013, primarily due to the increase in the average value of the portfolio.

Net income was $98 million for the quarter compared to $122 million for Q4 2013, as the increase in revenues, driven by higher average portfolio, and lower provisions for credit losses were more than offset by higher income taxes.

Based on estimated 2014 profit and retained earnings available for distribution by CNH Industrial N.V., and subject to formal Board approval of the Company’s 2014 financial statements anticipated to occur on or before beginning of March 2015, the Board of Directors of CNH Industrial N.V. intends to recommend to the Company’s shareholders at the Annual General Meeting a dividend of €0.20 per common share, totaling approximately $307 million at the exchange rate of 1.134 U.S. dollars per euro on January 28, 2015 (€271 million).

The Company expects improved profitability in Commercial Vehicles and Construction Equipment, coupled with structural cost improvement measures from the Company’s Efficiency Program now extended to Agricultural Equipment. These actions are expected to buffer, but not fully offset the negative impact from the continuation of challenging trading conditions in the row crop sector of the agricultural industry, and the impact of the recent significant appreciation of the U.S. dollar against the Company’s other trading currencies, allowing the Company to hold operating margin unless there are further currency deteriorations from the current rate levels outside of the United States.

CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Today, at 4:00 p.m. GMT, management will hold a conference call to present 2014 fourth quarter and full year results to financial analysts and institutional investors. The call can be followed live and a recording will be available later on the Company’s website (www.cnhindustrial.com). A presentation will be made available on the CNH Industrial website prior to the call.

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial believes that these non-GAAP financial measures provide useful and relevant information regarding its results and enhance the reader’s ability to assess CNH Industrial’s financial performance and financial position. They provide measures which facilitate management’s ability to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions. These and similar measures are widely used in the industries in which the Company operates. These financial measures may not be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position prepared in accordance with U.S. GAAP and/or IFRS.

Certain statements contained in this earnings release that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terminology. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the Company’s control and are difficult to predict. If any of these risks and uncertainties materialize or other assumptions underlying any of the forward-looking statements prove to be incorrect the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks, and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products; general economic conditions in each of the Company’s markets; changes in government policies regarding banking, monetary and fiscal policies; legislation, particularly relating to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; actions of competitors in the various industries in which the Company competes; development and use of new technologies and technological difficulties; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; housing starts and other construction activity; the Company’s ability to obtain financing or to refinance existing debt; a decline in the price of used vehicles; the resolution of pending litigation and investigations; the Company’s relations with Kobelco Construction Machinery Co., Ltd and Sumitomo (S.H.I.) Construction Machinery Co., Ltd.; the Company’s pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including further worsening of the Eurozone sovereign debt crisis and other similar financial risks and uncertainties; and the Company’s success in managing the risks involved in the foregoing. Further information concerning factors, risks, and uncertainties that could materially affect the Company’s financial results is included in our annual report on Form 20-F for the year ended December 31, 2013, prepared in accordance with U.S. GAAP and in our EU Annual Report at December 31, 2013, prepared in accordance with IFRS. Investors should refer to and consider the incorporated information on risks, factors, and uncertainties in addition to the information presented here.

Forward-looking statements speak only as of the date on which such statements are made. Furthermore, in light of ongoing difficult macroeconomic conditions, both globally and in the industries in which CNH Industrial operates, it is particularly difficult to forecast results, and any estimates or forecasts of particular periods that are provided in this earnings release are uncertain. Accordingly, investors should not place undue reliance on such forward-looking statements. Actual results could differ materially from those anticipated in such forward-looking statements. CNH Industrial does not undertake an obligation to update or revise publicly any forward-looking statements.

The Company’s outlook is based upon assumptions relating to the factors described in the earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. The Company undertakes no obligation to update or revise its outlook or forward-looking statements, whether as a result of new developments or otherwise. Further information concerning the

Company and its businesses, including factors that potentially could materially affect the Company’s financial results, is included in the Company’s reports and filings with the U.S. Securities and Exchange Commission, the Autoriteit Financiële Markten (“AFM”) and Commissione Nazionale per le Società e la Borsa (“CONSOB”).

Translation of financial statements denominated in a currency other than the U.S. dollar

The principal exchange rates used to translate into U.S. dollars the financial statements prepared in currencies other than the U.S. dollar were as follows:


Full Year								4^th Quarter
2014		2013			% change			2014			2013			% change
	15,204		16,763			-9.3	Agricultural Equipment		3,403			4,142			-17.8
	3,346		3,258			2.7	Construction Equipment		800			832			-3.8
	10,888		11,278			-3.5	Commercial Vehicles		3,354			3,551			-5.5
	4,464		4,412			1.2	Powertrain		988			1,331			-25.8
	(2,704)		(3,050	)		—	Eliminations and other		(527	)		(860	)		—

	31,198		32,661			-4.5	Total Industrial Activities		8,018			8,996			-10.9
	1,828		1,679			8.9	Financial Services		465			432			7.6
	(471)		(504	)		—	Eliminations and other		(118	)		(138	)		—

	32,555		33,836			-3.8	Total		8,365			9,290			-10.0


Full Year								4^th Quarter
2014		2013			Change			2014			2013			Change
	1,770		2,008			-238	Agricultural Equipment		241			312			-71
	79		(97	)		176	Construction Equipment		9			(53	)		62
	29		74			-45	Commercial Vehicles		100			98			2
	223		187			36	Powertrain		66			69			-3
	(113)		(77	)		-36	Eliminations and other		(40	)		(37	)		-3

	1,988		2,095			-107	Total Industrial Activities		376			389			-13
	554		514			40	Financial Services		147			115			32
	(343)		(332	)		-11	Eliminations and other		(88	)		(90	)		2

	2,199		2,277			-78	Total		435			414			21


Full Year									4^th Quarter
2014		2013			Change				2014		2013			Change
	3,346		3,258			2.7	%	Net sales		800		832			-3.8	%
	79		(97	)		176		Operating profit/(loss)		9		(53	)		62
	2.4		(3.0	)		5.4 p.p.		Operating margin (%)		1.1		(6.4	)		7.5 p.p.



Sergio Marchionne				Richard Tobin
Chairman				Chief Executive Officer


Media Inquiries		Investor Relations

Richard Gadeselli Tel: +44 (0) 1268 292468		Federico Donati Tel: +39 011 00 62756

Laura Overall Tel: +44 (0) 1268 292468		Noah Weiss Tel: +1 630 887 3745

e-mail: mediarelations@cnhind.com www.cnhindustrial.com


($ million)	Years Ended December 31,					Three Months Ended December 31,
($ million)	2014			2013		2014		2013
Revenues
Net sales		31,196			32,632		8,018		8,977
Finance and interest income		1,359			1,204		347		313

TOTAL REVENUES		32,555			33,836		8,365		9,290
Costs and Expenses
Cost of goods sold		25,534			26,551		6,737		7,434
Selling, general and administrative expenses		2,925			3,094		685		869
Research and development expenses		1,106			1,222		297		384
Restructuring expenses		184			71		86		39
Interest expense		1,318			1,196		342		333
Other, net		399			328		92		84

TOTAL COSTS AND EXPENSES		31,466			32,462		8,239		9,143
INCOME BEFORE INCOME TAXES AND EQUITY IN INCOME OF UNCONSOLIDATED SUBSIDIARIES AND AFFILIATES		1,089			1,374		126		147
Income taxes		467			671		59		130
Equity in income of unconsolidated subsidiaries and affiliates		86			125		20		37
NET INCOME		708			828		87		54
Net income (loss) attributable to noncontrolling interests		(2	)		151		4		(6	)
NET INCOME ATTRIBUTABLE TO CNH INDUSTRIAL N.V.		710			677		83		60

(in $)
Earnings per share attributable to common shareholders
Basic		0.52			0.54		0.06		0.04
Diluted		0.52			0.54		0.06		0.04


($ million)	December 31, 2014		December 31, 2013
Cash and cash equivalents		5,163		5,567
Restricted cash		978		922
Financing receivables, net		21,472		21,976
Inventories, net		7,008		7,410
Property, plant and equipment, net and Equipment under operating leases		8,383		8,149
Intangible assets, net		3,334		3,314
Other receivables and assets		5,575		6,505

TOTAL ASSETS		51,913		53,843
Debt		29,594		29,866
Other payables and liabilities		17,342		19,010

Total liabilities		46,936		48,876
Redeemable noncontrolling interest		16		12
Equity attributable to CNH Industrial N.V.		4,922		4,901
Noncontrolling interests		39		54
Equity		4,961		4,955

TOTAL EQUITY AND LIABILITIES		51,913		53,843


	12.31.2014			12.31.2013
Total debt ⁽¹⁾		(29,594	)		(29,866	)
- Asset-backed financing		*(13,587*	)		(14,712	)
- Other debt		*(16,007*	)		(15,154	)
Derivative hedging debt		35			44
Cash and cash equivalents		5,163			5,567
Restricted cash		978			922
Net debt		(23,418	)		(23,333	)
*Industrial Activities*		(2,691	)		(2,214	)
*Financial Services*		(20,727	)		(21,119	)
Cash, cash equivalents and restricted cash		6,141			6,489
Undrawn committed facilities		2,716			2,224
Available liquidity		8,857			8,713


Full Year						4^thQuarter
2014		2013				2014			2013
	(2,214)		(1,961	)	Net industrial (debt)/cash at beginning of period		(3,935	)		(3,362	)
	708		828		Net income		87			54
	725		686		Amortization and depreciation (*)		173			178
	(87)		59		Changes in provisions and similar, and items related to assets sold under buy-back commitments, and assets under operating lease		(51	)		(106	)
	(1,025)		(19	)	Change in working capital		1,456			1,645
	(1,005)		(1,220	)	Investments in property, plant and equipment, and intangible assets (*)		(417	)		(576	)
	8		(34	)	Other changes		(69	)		(7	)
	(676)		300		Net industrial cash flow		1,179			1,188
	(364)		(374	)	Capital increases and dividends		2			(4	)
	563		(179	)	Currency translation differences		63			(36	)
	(477)		(253	)	Change in Net industrial debt		1,244			1,148
	(2,691)		(2,214	)	Net industrial (debt)/cash at end of period		(2,691	)		(2,214	)


	Average 2014		At December 31, 2014		Average 2013		At December 31, 2013
Euro		0.753		0.824		0.753		0.725
Pound sterling		0.607		0.642		0.640		0.605
Swiss franc		0.914		0.990		0.927		0.890
Polish zloty		3.149		3.520		3.161		3.012
Brazilian real		2.349		2.653		2.159		2.362
Argentine peso		8.115		8.551		5.469		6.518
Turkish lira		2.188		2.333		1.907		2.147


($ million)	2014			*2013 ()**			4^th Quarter 2014			4^th Quarter 2013 (*)
Net revenues		32,957			34,231			8,488			9,415
Cost of sales		26,841			27,750			7,081			7,796
Selling, general and administrative costs		2,753			2,961			643			818
Research and development costs		878			797			233			195
Other income/(expenses)		(86	)		(86	)		(13	)		(9	)
TRADING PROFIT/(LOSS)		2,399			2,637			518			597
Gains/(losses) on the disposal of investments		—			(25	)		—			(25	)
Restructuring costs		192			54			76			27
Other unusual income/(expenses)		(40	)		(77	)		(16	)		(13	)
OPERATING PROFIT/(LOSS)		2,167			2,481			426			532
Financial income/(expenses)		(776	)		(615	)		(191	)		(162	)
Result from investments		91			136			23			42
Share of the profit/(loss) of investees accounted for using equity method		90			135			22			42
Other income/(expenses) from investments		1			1			1			—
PROFIT/(LOSS) BEFORE TAXES		1,482			2,002			258			412
Income taxes		566			784			125			178
PROFIT/(LOSS) FROM CONTINUING OPERATIONS		916			1,218			133			234
Profit/(loss) from discontinued operations		—			—			—			—
PROFIT/(LOSS)		916			1,218			133			234
PROFIT/(LOSS) ATTRIBUTABLE TO:
Owners of the parent		917			1,048			128			237
Non-controlling interests		(1	)		170			5			(3	)

(in $)
BASIC EARNINGS/(LOSS) PER COMMON SHARE		0.68			0.83			0.10			0.17
DILUTED EARNINGS/(LOSS) PER COMMON SHARE		0.68			0.83			0.10			0.17


($ million)	December 31, 2014		*December 31, 2013 ()**
ASSETS
Intangible assets		6,031		6,046
Property, plant and equipment and Leased assets		8,251		8,026
Inventories		7,140		7,536
Receivables from financing activities		21,472		21,986
Cash and cash equivalents		6,141		6,489
Other receivables and assets		5,406		6,379

TOTAL ASSETS		54,441		56,462
EQUITY AND LIABILITIES
Issued capital and reserves attributable to owners of the parent		7,534		7,591
Non-controlling interests		43		71

Total Equity		7,577		7,662
Debt		29,701		29,946
Other payables and liabilities		17,163		18,854

Total Liabilities		46,864		48,800

TOTAL EQUITY AND LIABILITIES		54,441		56,462


	12.31.2014			12.31.2013()*
Total assets		54,441			56,462
Total equity		7,577			7,662
Equity attributable to CNH Industrial N.V.		7,534			7,591
Net debt		(23,590	)		(23,290	)
Of which Net industrial debt		*(2,874*	)		(2,195	)


	Full Year
	*2014*			2013
Total Equity under U.S. GAAP		4,961			4,955
Adjustments to conform with IFRS:
Development costs, net of amortization		2,819			2,862
Goodwill and other intangible assets		(122	)		(130	)
Defined benefit plans		(6	)		(29	)
Restructuring provisions		(12	)		(6	)
Other adjustments		(16	)		(15	)
Tax impact on adjustments		(815	)		(773	)
Deferred tax assets and tax contingencies recognition		768			798

Total adjustments		2,616			2,707

Total Equity under IFRS		7,577			7,662