Cat
Financial, the construction and mining equipment leasing
company, increased third-quarter profits by about 41% compared to
the same period last year, helped by growth in new business and
lower credit losses.
Cat, which is owned by
Caterpillar, the world’s largest maker of heavy equipment, said
pretax profit was $126m (€90m) for the third quarter of 2011 — up
from $89m (€63m) compared to the same period a year
earlier. Sales grew four per cent to $668m (€477m), boosted by
higher-earning assets, including operating leases at constant
interest rates.
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Kent Adams, Cat Financial president and vice
president of Caterpillar, said he was “very pleased” with the
results.
“New business, write-offs, past dues and
profit all improved from last year … With our continued focus on
managing our portfolio, ensuring an outstanding customer
experience, and maintaining access to attractive funding, Cat
Financial is well positioned to support Caterpillar customers and
dealers around the world,” he said.
Cat Financial provides finance for Cat
machinery and engines, solar gas turbines and other equipment and
marine vessels.
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