Cat Financial has reported second quarter revenues of $700
million (€492 million), a 10 percent decrease year-on-year.
The captive also reported $1.8 billion in new retail financing –
down by 60 percent, some $2.8 billion, year-on-year. This was
largely attributed to a downturn in new business in Cat Financial’s
North America, Europe and Asia operating segments.
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At $122 million, pre-tax profit was also down at the captive, by
32 percent year-on-year.
“Although the global recession continues, overall capital
markets have improved and we continue to maintain our access to
liquidity through our diversified funding platform,” said Kent
Adams, Cat Financial president and vice president of Caterpillar
Inc.
“While past dues and losses have increased to historically high
levels, these increases are within our expectations as customers
continue to report challenging times and a significant amount of
uncertainty remains in the economy.
“Cat Financial continues to be a reliable source of financing
for Caterpillar customers and dealers,” he added.
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By GlobalDataJason T Hesse
