Cat Financial Announces Third-Quarter 2005 Results
21 October 2005 - 10:30PM
PR Newswire (US)
PEORIA, Ill., Oct. 21 /PRNewswire/ -- Caterpillar Financial
Services Corporation (Cat Financial) today reported record revenues
of $596 million, an increase of $120 million or 25 percent compared
with third quarter 2004. Profit after tax was a third-quarter
record $87 million, a $5 million or 6 percent increase over third
quarter 2004. Of the increase in revenues, $71 million resulted
from the impact of continued growth of finance receivables and
operating leases (earning assets) and $44 million from the impact
of higher interest rates on new and existing finance receivables.
On a pre-tax basis, profit was up $17 million, principally due to
$36 million from growth in earning assets and a $5 million
favorable change in currency exchange gain/loss, partially offset
by $12 million from higher operating expenses, a $7 million
write-down of a repossessed marine vessel, and a $7 million
write-off of investment-related income. New retail financing was a
third-quarter record $3.02 billion, an increase of $631 million or
26 percent from the same period one year ago. The increase was the
result of increased financing in all segments. Past dues over 30
days at the end of the period were 1.65 percent compared to 2.18
percent at the end of the same period one year ago. Write-offs, net
of recoveries, were $14 million during the quarter compared with
$20 million for the third quarter of 2004. Caterpillar Vice
President and Cat Financial President Kent M. Adams said, "We had
an excellent quarter with record revenues and the second highest
quarter ever for both profit and new retail financing. The
portfolio continues to perform very well. The combined efforts of
the Caterpillar dealers and our employees continue to provide our
customers great value that results in continued strong growth." 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 and 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: THIRD QUARTER 2005
VS. THIRD QUARTER 2004 (ENDING SEPTEMBER 30) (Millions of dollars)
2005 2004 CHANGE Revenues $596 $476 25% Net Profit $87 $82 6% New
Retail Financing $3,024 $2,393 26% Total Assets $25,144 $22,255 13%
FIRST NINE MONTHS 2005 VS. FIRST NINE MONTHS 2004 (ENDING SEPTEMBER
30) (Millions of dollars) 2005 2004 CHANGE Revenues $1,726 $1,400
23% Net Profit $260 $217 20% New Retail Financing $8,735 $6,949 26%
DATASOURCE: Caterpillar Financial Services Corporation CONTACT:
Rusty L. Dunn, Caterpillar Corporate Public Affairs,
+1-309-675-4803, Web site: http://www.cat.com/
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