Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing the softening of end market conditions predominantly in South America.

The Italian-American company guided for an increase in its net revenue from industrial activities of between 3-6% this year, versus a previous forecast of 8-11%.

CNH posted a 1% yearly decline in net sales from industrial activities for the third quarter to $5.33 billion.

Its Milan-listed shares turned negative after the results were published and were automatically halted from trading after falling 5.3% by 1235 GMT.

(Reporting by Alessandro Parodi and Bianca Flowers, editing by Kirsten Donovan)