USA: Cat Financial Posts First-Quarter 2012 Results

Cat Financial Posts First-Quarter 2012 Results

Cat Financial reported first-quarter 2012 revenues of $668 million, an increase of $28 million, or 4 percent, compared with the first quarter of 2011.

First-quarter profit after tax was $120 million, a $37 million, or 45 percent, increase from the first quarter of 2011.

The increase in revenues was principally due to a $47 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $15 million unfavorable impact from lower rates on new and existing finance receivables and operating leases.

Profit before income taxes was $170 million for the first quarter of 2012, compared to $115 million for the first quarter of 2011. The increase was principally due to a $36 million decrease in the provision for credit losses, an $18 million favorable impact from higher average earning assets and a $13 million improvement in net yield on average earning assets. These increases were partially offset by a $10 million increase in general, operating and administrative expense.

The provision for income taxes in the first quarter of 2012 reflects an estimated annual tax rate of 27 percent compared to 26 percent in the first quarter of 2011.

New retail financing in the first quarter of 2012 was $3.1 billion, an increase of $292 million, or 11 percent, from the first quarter of 2011. The increase was a result of growth across all operating segments with the exception of North America, which declined slightly.

At the end of the first quarter of 2012, past dues were 3.19 percent compared with 2.89 percent at the end of 2011. The increase in past dues from year-end is primarily due to seasonality impacts. At the end of the first quarter of 2011, past dues were 3.94 percent. Write-offs, net of recoveries, were $11 million for the first quarter of 2012, down from $41 million in the first quarter of 2011.

As of March 31, 2012, Cat Financial’s allowance for credit losses totaled $379 million or 1.47 percent of net finance receivables, compared with $369 million or 1.47 percent of net finance receivables at year-end 2011. The allowance for credit losses as of March 31, 2011, was $380 million, which was 1.55 percent of net finance receivables.

We are very pleased with our first-quarter results,” said Kent Adams, Cat Financial president and vice president of Caterpillar Inc.Cat Financial’s business continues to perform well, with a growing asset portfolio and decreases in write-offs and past dues from the first quarter of last year. We are well positioned to support Caterpillar customers and dealers around the world.”

For over 30 years, Cat Financial, a wholly-owned subsidiary of Caterpillar Inc., has been providing financial service excellence to Cat customers. The company offers a wide range of financing alternatives to customers and Cat dealers for Cat machinery and engines, Solar® gas turbines and other equipment and marine vessels. Cat Financial has offices and subsidiaries located throughout the Americas, Asia, Australia and Europe, with headquarters in Nashville, Tennessee.

Cat Financial Statistical Highlights

Dredging Today Staff, April 25, 2012

Share this article

Follow Dredging Today

Events>

<< Mar 2015 >>
MTWTFSS
23 24 25 26 27 28 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

2015 Spring Conference

Travel to the U.S. Capital to this gathering of port professionals from throughout the hemisphere…

read more >

Seminar on Dredging and Reclamation

This five-day course strives to provide an understanding through lectures by experts in the field and workshops, partly conducted on-site…

read more >

2015 Port Administration and Legal Issues Seminar

This two-and-one-half day seminar covers the latest trends, challenges and risk management strategies for port administrators, finance…

read more >

Ocean Business 2015 Conference

More than just a static Exhibition Ocean Business already has an outstanding reputation for its training and demonstration programme, which…

read more >

Jobs>

Multiple Positions available for dredging project in Malaysia

Hall Contracting has recently been awarded a contract in Johor Bahru, Malaysia. They are currently looking for a Cutter Suction Dredge 1st and 2nd Operator...

apply

Controller international projects

Project controllers are part of the project team abroad, responsible for setting up, implementing, and managing Finance and Control issues on-site at projects and in our offices all over the world...

apply

Proposal Designer Special Projects

You work together with our salesteam, finding creative solutions to meet customers demands but build effieciently as usual and produce effectively ass well. Je create broad ship designs and adapt it for specific customer demands. Besides, you prepare specifications...

apply