Cookie Policy
Hide remove
Open add

This site uses cookies to create a better experience for you. Some of these cookies are set automatically because they’re necessary for the site to perform. Other cookies are used for functional, performance, and targeting purposes to enhance your experience by personalizing content and ads, enabling third party content and features, and enabling us to analyze how this site is used.  To learn more, please visit our Legal Notices - Cookie page. 

By clicking 'I Accept', you are agreeing to our use of functional, performance and targeting cookies.

Caterpillar Logo Caterpillar Logo
  • Company
    Company
    • Strategy & Purpose
    • Leadership
    • History
    • Caterpillar Foundation
    • Code of Conduct
    • Sustainability
    • Innovation
    • Global Locations
    • Visitors Center & Museum
    • Working Together
    Caterpillar at a Glance
    Caterpillar at a Glance

    Quick facts about Caterpillar – the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.

    Strategy
    Strategy

    Our continuing commitment to meet the needs of our customers and the communities in which we live and work.

  • Brands
    Brands
    • Cat
    • Cat Financial
    • Cat Reman
    • Cat Rental Store
    • Cat Lift Trucks
    • Anchor
    • AsiaTrak
    • FG Wilson
    • Hindustan
    • Hypac
    • Kemper
    • MaK
    • MWM
    • M2M
    • Olympian
    • Perkins
    • Progress Rail
    • SEM
    • Solar Turbines
    • SPM Oil & Gas
    • Turner Powertrain Systems
    • Yellowmark™
    Caterpillar Merchandise
    Caterpillar Merchandise

    Cat® hats, boots, shoes, bags, models, phones, watches – and so much more. Appreciation for the brand extends far beyond those who use our equipment.

    Cat® Products & Services
    Cat® Products & Services

    Cat® product offerings include articulated trucks, backhoe loaders, dozers, engines, excavators, generators, motor graders, skid steer loaders and wheel loaders.

  • Investors
    Investors
    • Stock Information
    • Financial Information
    • Shareholder Services
    • Events & Presentations
    • Quarterly Financial Results
    • Annual Report & Sustainability Report
    • SEC Filings
    • Governance
    Corporate Press Releases
    Corporate Press Releases

    Read corporate press releases and news announcements distributed by Caterpillar Inc.

    Leadership
    Leadership

    Our leaders are committed to supporting customers and driving profitable growth.

  • News
    News
    • Feature Stories
    • Corporate Press Releases
    • Media Information
    • Social Media
    • Beyond the Iron: The Caterpillar Podcast
    • Caterpillar Publications
    Caterpillar & Technology: Q&A Chairman & CEO Jim Umpleby
    Caterpillar & Technology: Q&A Chairman & CEO Jim Umpleby

    Our quest to make our customers more successful is a never-ending journey. Learn what CEO Jim Umpleby shared recently in a (virtual) chat with Diesel Progress magazine.

    4Q20 Highlights
    4Q20 Highlights

    Key highlights from Caterpillar Inc.’s Fuurth-Quarter and Full-Year 2020 earnings results and top news from the quarter.

  • Careers
    Careers
    • Why Caterpillar?
    • Career Areas
    • Diversity & Inclusion
    • Search for Jobs
    Careers News
    Careers News

    There is challenging work being done around the world. Check out the latest from Team Caterpillar.

languageEnglish
Select a Language
  • English
  • Deutsch
  • Español
  • Français
  • Italiano
  • Magyar
  • Nederlands
  • Polski
  • Português
  • Čeština
  • Русский
  • 中文
  • 日本語
  • searchSearch
  • language English
    • English
    • Deutsch
    • Español
    • Français
    • Italiano
    • Magyar
    • Nederlands
    • Polski
    • Português
    • Čeština
    • Русский
    • 中文
    • 日本語
search ×
 
  • Caterpillar
  • News
  • Corporate Press Releases
  • Cat Financial Announces First-Quarter 2013 Results

Cat Financial Announces First-Quarter 2013 Results

April 22, 2013

Caterpillar contact:
Jim Dugan
Global Government & Corporate Affairs
(309) 494-4100 Office
(309) 360-7311 Mobile
Dugan_Jim@cat.com

FOR IMMEDIATE RELEASE

Cat Financial Announces First-Quarter 2013 Results

Cat Financial reported first-quarter 2013 revenues of $680 million, an increase of $12 million, or 2 percent, compared with the first quarter of 2012. First-quarter 2013 profit after tax was $141 million, a $21 million, or 18 percent, increase from the first quarter of 2012.

The increase in revenues was primarily due to an $82 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $63 million unfavorable impact from lower average financing rates on new and existing finance receivables and operating leases and an $8 million unfavorable impact from returned or repossessed equipment.

Profit before income taxes was $187 million for the first quarter of 2013, compared with $170 million for the first quarter of 2012. The increase was primarily due to a $34 million favorable impact from higher average earning assets, partially offset by an $8 million unfavorable impact from returned or repossessed equipment and a $6 million unfavorable impact due to the absence of favorable mark-to-market adjustments that were recorded on interest rate derivative contracts in the first quarter of 2012.

The provision for income taxes reflects an estimated annual tax rate of 27 percent for the first quarter of 2013 and 2012. The first quarter 2013 estimated annual tax rate of 27 percent excludes a benefit of $7 million reflecting the impact of the American Taxpayer Relief Act.

New retail financing in the first quarter of 2013 was $2.90 billion, a decrease of $162 million, or 5 percent, from the first quarter of 2012. The decrease was primarily related to our Asia/Pacific, Europe and Caterpillar Power Finance and Latin America operating segments, partially offset by growth in our North America operating segment.

At the end of the first quarter of 2013, past dues were 2.52 percent compared with 2.26 percent at the end of 2012. The increase in past dues from year-end is due to seasonality impacts. At the end of the first quarter of 2012, past dues were 3.19 percent. Write-offs, net of recoveries, were $10 million for the first quarter of 2013, down from $11 million for the first quarter of 2012.

As of March 31, 2013, Cat Financial's allowance for credit losses totaled $429 million or 1.49 percent of net finance receivables, compared with $426 million or 1.49 percent of net finance receivables at year-end 2012. The allowance for credit losses as of March 31, 2012, was $379 million or 1.47 percent of net finance receivables.

"Cat Financial's business continues to perform well and we are pleased with the performance of our portfolio," said Kent Adams, Cat Financial president and vice president of Caterpillar Inc. "Past dues and write-offs are down from the first quarter of last year. With continued focus on managing our portfolio and providing financial services excellence, Cat Financial is well-positioned to support Caterpillar customers and Cat dealers around the world.”

For over 30 years, Cat Financial, a wholly-owned subsidiary of Caterpillar Inc., has been providing financial service excellence to Cat customers. The company offers a wide range of financing alternatives to customers and Cat dealers for Cat machinery and engines, Solar® gas turbines and other equipment and marine vessels. Cat Financial has offices and subsidiaries located throughout the Americas, Asia, Australia and Europe, with headquarters in Nashville, Tennessee.

 

Cat Financial Statistical Highlights

 

Share This

Company
  • Strategy & Purpose
  • Leadership
  • History
  • Caterpillar Foundation
  • Code of Conduct
  • Sustainability
  • Innovation
  • Global Locations
  • Visitors Center & Museum
Investors
  • Stock Information
  • Financial Information
  • Shareholder Services
  • Events & Presentations
  • Quarterly Financial Results
  • Annual Report & Sustainability Report
  • SEC Filings 
  • Governance
News
  • News & Features
  • Corporate Press Releases
  • Media Information
  • Social Media
 
Careers
  • Why Caterpillar?
  • Career Areas
  • Diversity & Inclusion
  • Search & Apply
  • Candidate Login
Working Together
  • Employees & Retirees
  • Sponsorships
  • Suppliers

 

Cat® Products & Services
  • Products
  • Parts
  • Support
  • Merchandise
  • Locate a Dealer
  • facebook
  • linkedin
  • twitter
  • youtube
  • instagram
Caterpillar Brands
  • Cat
  • Cat Financial
  • Cat Reman
  • The Cat Rental Store
  • Cat Lift Trucks
  • Anchor
  • AsiaTrak
  • FG Wilson
  • Hindustan
  • Hypac
  • Kemper
  • MaK
  • MWM
  • M2M
  • Olympian
  • Perkins
  • Progress Rail
  • SEM
  • Solar Turbines
  • Turner Powertrain Systems
  • Yellowmark

  • About Caterpillar
  • Visit Caterpillar
  • Site Map
  • Cookies
  • Legal
  • Privacy
  • Contact
  • Cat.com
  • English
  • © 2021 Caterpillar. All Rights Reserved.

Cookie Policy

This site uses cookies to create a better experience for you. Some of these cookies are set automatically because they’re necessary for the site to perform. Other cookies are used for functional, performance, and targeting purposes to enhance your experience by personalizing content and ads, enabling third party content and features, and enabling us to analyze how this site is used.  To learn more, please visit our Legal Notices - Cookie page. 

By clicking 'I Accept', you are agreeing to our use of functional, performance and targeting cookies.