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Cat Financial Announces First-Quarter 2005 Results
PEORIA, Ill., April 20 /PRNewswire-FirstCall/ -- Caterpillar Financial
Services Corporation (Cat Financial) today reported record revenues of $543
million, an increase of $86 million or 19 percent compared with first quarter
2004. Profit after tax was a record $83 million, an $11 million or 15 percent
increase over first quarter 2004.
Of the increase in revenues, $65 million resulted from the impact of continued
growth of finance receivables and leases and $21 million from the impact of
higher interest rates on new and existing finance receivables.
Of the increase in profit, $30 million was due to growth in earning assets,
partially offset by $11 million from higher operating expenses and $6 million
from the decrease in the interest rate spread.
New retail financing was a record first quarter $2.44 billion, an increase of
$474 million or 24 percent from the same period one year ago. The increase was
primarily related to increased financing in our North America and Diversified
segments.
Past dues over 30 days were 1.94 percent compared to 2.82 percent at the end of
the same period one year ago. Write-offs, net of recoveries, were $5 million
during the quarter compared with $11 million for the first quarter of 2004.
Caterpillar Inc. Vice President and Cat Financial President Kent M. Adams said,
"We are very pleased with the continued growth in our business and the
reduction in past dues and write-offs. We continue to invest in people,
technology and process improvement through 6 Sigma to support our growth
initiatives, efficiency improvement and increased customer satisfaction."
Cat Financial, a wholly-owned subsidiary of Caterpillar Inc., provides a wide
range of financing alternatives for Caterpillar machinery and engines, Solar(R)
gas turbines, as well as other equipment and marine vessels. The company also
extends loans to customers and dealers. Cat Financial has offices and
subsidiaries located throughout the Americas, Asia, Australia, and Europe, with
headquarters in Nashville, Tennessee.
STATISTICAL HIGHLIGHTS:
FIRST QUARTER 2005 VS. FIRST QUARTER 2004
(ENDING MARCH 31)
(Millions of dollars)
2005 2004 CHANGE
Revenues $543 $457 19%
Net Profit $ 83 $ 72 15%
New Retail Financing $2,443 $1,969 24%
Total Assets $24,543 $20,562 19%
DATASOURCE: Caterpillar Financial Services Corporation
CONTACT: Benjamin S. Cordani, Corporate Public Affairs of Caterpillar,
+1-309-675-5786,
Web site: http://www.cat.com/