Consumer Finance
Company Overview of Caterpillar Financial Services Corporation
Company Overview
2120 West End Avenue
Nashville, TN 37203-0001
United States
Founded in 1981
1,745 Employees
Key Executives for Caterpillar Financial Services Corporation
Caterpillar Financial Services Corporation Key Developments
Cat Financial reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $680 million, an increase of $12 million, or 2%, compared with the first quarter of 2012. Profit after tax was $141 million compared to $120 million last year. The increase in Revenue 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.
Caterpillar Financial Services Corporation announced financial results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported revenues of $679 million against $662 million a year ago. Profit before income taxes was $124 million against $111 million a year ago. Profit after tax was $99 million against $95 million a year ago. The increase in Revenue was primarily due to an $80 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $52 million unfavorable impact from lower average financing rates on new and existing finance receivables and operating leases and a $12 million unfavorable impact from returned or repossessed equipment. For the year, the company reported revenues of $2,693 million against $2,645 million a year ago. Profit before income taxes was $591 million against $504 million a year ago. Profit after tax was $432 million against $378 million a year ago. The increase in Revenue was primarily due to a $223 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $139 million unfavorable impact from lower average financing rates on new and existing finance receivables and operating leases and a $33 million unfavorable impact from returned or repossessed equipment. These increases in pre-tax profit were partially offset by a $33 million unfavorable impact from returned or repossessed equipment.
Caterpillar Financial Services Corporation issued $600,000,000 aggregate principal amount of its Medium-Term Notes, Series G, 0.70% Notes due 2015 and $600,000,000 aggregate principal amount of its Medium-Term Notes, Series G, 1.25% Notes due 2017 pursuant to the company's previously filed Registration Statement on Form S-3 (Registration No. 333-173364) and the related Prospectus dated April 7, 2011, Prospectus Supplement dated April 7, 2011 and Pricing Supplements, each dated November 1, 2012, relating to the 2015 Notes and the 2017 Notes, respectively.
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