CNH Industrial N.V. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the year, the company reported total revenues of $25,912 million against $32,555 million a year ago. Income before income taxes and equity in income of unconsolidated subsidiaries and affiliates was $567 million against $1,089 million a year ago. Net income attributable to the company was $253 million against $710 million a year ago. Earnings per diluted share attributable to common shareholders were $0.19 against $0.52 a year ago. Net cash provided by operating activities was $2,782 million against $681 million a year ago. Net debt was $20,050 million against $23,418 million a year ago. Net income before restructuring and other exceptional items was $474 million against $940 million a year ago. Basic EPS before restructuring and exceptional items was $0.35 against $0.69 a year ago. Capital expenditure was down 35% against prior year, partially due to FX.

For the quarter, the company reported total revenues of $7,144 million against $8,365 million a year ago. Income before income taxes and equity in income of unconsolidated subsidiaries was $324 million against $126 million a year ago. Net income attributable to the company was $231 million against $83 million a year ago. Earnings per diluted share attributable to common shareholders were $0.17 against $0.06 a year ago. Net income before restructuring and other exceptional items was $262 million against $167 million a year ago. Basic EPS before restructuring and exceptional items was $0.19 against $0.12 a year ago. Capital expenditure was $279 million in the quarter with full year down 35% against prior year, partially due to FX. The reduction of -- for the quarter is mainly coming from lower spending for engine emission compliance programs and the 2014 investment in the new Daily program. IT spending also contributed to the reduction year-on-year.

The company announced that 2016 U.S. GAAP net sales of industrial activities between $23 billion and $24 billion, with an operating margin of Industrial Activities between 5.2% and 5.8%; and net industrial debt at the end of 2016 between $1.5 billion and $1.8 billion. The company announced that The long-term effective tax rate target of between 34% to 36% range remains unchanged.