Cat Financial reports Q1 revenues $736M, up 7% vs. last year
Cat Financial reported first-quarter 2019 revenues of $736M, an increase of $46M, or 7%, compared with the first quarter of 2018. First-quarter 2019 profit was $98M, a $7M, or 8%, increase from the first quarter of 2018. The increase in revenues was primarily due to a $33M favorable impact from higher average financing rates and a $19M favorable impact from higher average earning assets, partially offset by an $8M unfavorable impact from returned or repossessed equipment. Profit before income taxes was $142M for the first quarter of 2019, compared with $124M for the first quarter of 2018. During the first quarter of 2019, retail new business volume was $2.35B, a decrease of $190M, or 7%, from the first quarter of 2018. The decrease was primarily driven by lower volume in North America and Asia/Pacific. "Our portfolio and business performed well despite some remaining challenges in the Cat Power Finance portfolio," said Dave Walton, president of Cat Financial and vice president of the Financial Products Division of Caterpillar Inc. "With relentless focus on expanding our ability to serve customers globally through financial services solutions, we remain well-positioned to serve the needs of Caterpillar, Cat dealers and our growing customer base worldwide."