CNH Industrial (CNHI, Financial) – Agricultural machinery company CNH Industrial reported strong 3Q results, meaningfully beating expectations for both sales and margins, and increasing full year guidance. Management announced an additional $100 million buyback program on top of the $300 million program already in place. It is good to see new management delivering in a better environment, and the company still trades at too wide of a discount to other agricultural equipment companies.
From Mason Hawkins (Trades, Portfolio)' Longleaf Partners Fund fourth-quarter 2022 letter.
