NASHVILLE, Tenn., (WMBD) — Caterpillar Financial released its third-quarter earnings for this fiscal year on Tuesday which show an increase in revenue compared to the same report from last year.
Yet, overall profits were down, said the company in a news release.
Third-quarter profits before taxes were $170 million. That’s down $18 million from this time last year. The overall profit was $98 million which is a decrease of $33 million or 25% from last year.
Revenues were up 23% which equated to $846 million as compared to last year’s tally of $690 million. The increase, the company said, was due to favorable impacts from higher average financing rates.
Its retail new business volume was $2.89 billion, an increase of $169 million compared to last year. At the end of the quarter, its past dues were at 1.96% compared to last year’s 2%.
The president of CAT Financial, Dave Walton, stated that they had a solid quarter
“CAT Financial delivered another solid quarter with strong portfolio performance reflected in historically low past dues and write-offs,” Walton stated. “The global CAT Financial team remains focused on executing our strategy and supporting our customers and dealers worldwide.”
More information on the third quarter results is available here.