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

One thought on “USA: Cat Financial Posts First-Quarter 2012 Results”

Comments are closed.

Events>

<< Aug 2015 >>
MTWTFSS
27 28 29 30 31 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 6

TIPC to Host 102nd APP Annual Conference

102nd Conference will offer a productive exchange of new technologies, knowledge, and management experience and continue to foster closer…

read more >

StormCon

Now entering its 14th year and serving a global audience StormCon is the premier event for stormwater pollution prevention and surface…

read more >

Coastal Engineering Asia

WHY YOU CANNOT MISS THIS EVENT

Join Trueventus Coastal Engineering Asia, a truly International platform presenting dynamic technical discussion on the present-day coastal engineering challenges. Topics namely on marine clay, dredge materials, flood mitigation and effective use of soil compression are of the many interesting topics presented.  Join us on this 2 days journey in defining coastal engineering well into the modern engineering history at the beautiful shores of Asia- Singapore!

KEY FEATURES OF THIS CONFERENCE

  • Hearing from the successful coastal projects
  • Gauging the key benefits of using soil compression method to strengthen soil
  • Mastering effective and cost-saving excavation and sediment disposal methods
  • Learning new innovations, techniques and technologies in marine structure engineering and construction
  • Exploring the advances in the field of design and construction of coastal structures

 More info

read more >

HYPACK Seminar – Cartagena, Colombia (Spanish)

This course will be taught in Spanish. The 3-day training seminar will cover all the aspects of single beam and multibeam hydrographic…

read more >

Jobs>

Senior Engineer

Gahagan & Bryant Associates, Inc. (GBA) is posting the following career opportunity in their Houston, TX and Baltimore, MD and Tampa, FL offices...

apply

Hydrographic Surveyor

Gahagan & Bryant Associates, Inc. (GBA) is posting the following career opportunity in their Houston, TX and Baltimore, MD and Tampa, FL offices....

apply