Cat Financial Announces Third-Quarter 2004 Results
21 October 2004 - 11:31PM
PR Newswire (US)
Cat Financial Announces Third-Quarter 2004 Results PEORIA, Ill.,
Oct. 21 /PRNewswire-FirstCall/ -- Caterpillar Financial Services
Corporation (Cat Financial) today reported record revenues of $476
million, an increase of $31 million or 7 percent compared with
third quarter 2003. Profit after tax was a record $82 million, a
$15 million or 22 percent increase from third quarter 2003. Of the
increase in revenues, $50 million resulted from the impact of
continued growth of finance receivables and leases, partially
offset by a $12 million impact of lower interest rates on new and
existing finance receivables and the absence of $9 million interest
received in 2003 from Caterpillar Inc. related to prior years' tax
audit settlements. Of the increase in profit, $22 million was due
to growth in earning assets and $12 million was due to a decrease
in state income tax, partially offset by the absence of $9 million
interest received in 2003 from Caterpillar Inc. related to prior
years' tax audit settlements. New retail financing was a
third-quarter record $2.39 billion, an increase of $287 million or
14 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 2.3 percent compared to 3.1
percent at the end of the same period one-year ago. Write-offs, net
of recoveries, were $20 million during the quarter compared with
$15 million for the third quarter of 2003. Caterpillar Vice
President and Cat Financial President James S. Beard said, "We are
pleased with our record results, the result of close cooperation
with Caterpillar marketing units and Caterpillar dealers globally
in assisting the sales of machines and engines. Our investments in
technology and process improvements continue to deliver greater
efficiencies in our operations." Cat Financial, a wholly-owned
subsidiary of Caterpillar Inc. and 2003 recipient of the Malcolm
Baldrige National Quality Award, 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: THIRD QUARTER 2004 VS. THIRD QUARTER 2003
(ENDING SEPTEMBER 30) (Millions of dollars) 2004 2003 CHANGE
Revenues $476 $445 7 % Net Profit $82 $67 22 % New Retail Financing
$2,393 $2,106 14 % Total Assets $21,783 $18,531 18 % FIRST NINE
MONTHS 2004 VS. FIRST NINE MONTHS 2003 (ENDING SEPTEMBER 30)
(Millions of dollars) 2004 2003 CHANGE Revenues $1,400 $1,293 8 %
Net Profit $217 $189 15 % New Retail Financing $6,949 $5,776 20 %
DATASOURCE: Caterpillar Inc. CONTACT: Kelly Wojda, Corporate Public
Affairs of Caterpillar, +1-309-675-1307, Web site:
http://www.cat.com/
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