CAT Strategic Metals (CSE:CAT)
Historical Stock Chart
From Oct 2019 to Oct 2024
Cat Financial Announces Second-Quarter 2004 Results
PEORIA, Ill., July 22 /PRNewswire-FirstCall/ -- Caterpillar Financial Services
Corporation (Cat Financial) today reported record revenues of $467 million, an
increase of $22 million or 5 percent compared with second quarter 2003. Profit
after tax was $63 million, an $8 million or 11 percent decrease from second
quarter 2003.
Of the increase in revenues, $54 million resulted from the impact of continued
growth of finance receivables and leases, partially offset by a $26 million
impact of lower interest rates on new and existing finance receivables and an
$11 million decrease in gain on securitized receivables.
Of the decrease in profit, $16 million was due to higher general, operating,
and administrative expenses primarily related to increased labor costs and
investment in new technology to gain global operational efficiencies, an
increase in franchise tax accrual, and the absence of a litigation/insurance
accrual reversal. There was an additional $9 million decrease due to the lower
gain on publicly securitized finance receivables. These items were partially
offset by a $23 million increase in profit due to growth in earning assets.
New retail financing was a record $2.59 billion, an increase of $691 million or
36 percent from the same period one year ago. The increase was primarily
related to increased financing in our North America segment.
Past dues over 30 days were 2.6 percent compared to 2.9 percent at the end of
the same period one year ago. Write-offs, net of recoveries, were $16 million
during the quarter compared with $20 million for the second quarter of 2003.
Caterpillar Vice President and Cat Financial President James S. Beard said, "We
are pleased to see a continued reduction in past dues and bad debts, as well as
gains in efficiencies as measured by managed portfolio per employee. Thanks to
our process improvements and unique technology we have maintained excellent
service levels to dealers and customers during a period of unprecedented
increases in new business."
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:
SECOND QUARTER 2004 VS. SECOND QUARTER 2003
(ENDING JUNE 30)
(Millions of dollars)
2004 2003 CHANGE
Revenues $467 $445 5%
Net Profit $63 $71 (11%)
New Retail Financing $2,587 $1,896 36%
Total Assets $20,913 $17,989 16%
FIRST SIX MONTHS 2004 VS. FIRST SIX MONTHS 2003
(ENDING JUNE 30)
(Millions of dollars)
2004 2003 CHANGE
Revenues $924 $848 9%
Net Profit $135 $122 11%
New Retail Financing $4,557 $3,670 24%
DATASOURCE: Caterpillar Inc.
CONTACT: Kelly Wojda of Caterpillar, Corporate Public Affairs,
+1-309-675-1307,
Web site: http://www.cat.com/