Cat Financial Announces First-Quarter 2025 Results
Cat Financial reported mixed results for Q1 2025, with revenues slightly up but profits down significantly. Revenues increased 1% to $860 million, primarily due to higher average earning assets, while profit decreased 23% to $130 million.
The profit decline was mainly attributed to two factors: the absence of a $33 million insurance settlement from Q1 2024 and higher provision for credit losses of $22 million. However, retail new business volume showed strong growth, increasing 8% to $2.96 billion across all regions.
Portfolio health indicators were mixed, with past dues improving to 1.58% from 1.78% year-over-year. Write-offs decreased significantly to $20 million from $55 million in Q1 2024. The allowance for credit losses stood at $282 million, representing 0.95% of finance receivables.
Cat Financial ha riportato risultati contrastanti per il primo trimestre 2025, con ricavi leggermente in aumento ma profitti in forte calo. I ricavi sono cresciuti dell'1% raggiungendo 860 milioni di dollari, principalmente grazie a un aumento degli asset medi produttivi, mentre il profitto è diminuito del 23% a 130 milioni di dollari.
Il calo del profitto è stato principalmente causato da due fattori: l'assenza di un risarcimento assicurativo di 33 milioni di dollari registrato nel primo trimestre 2024 e un aumento delle accantonamenti per perdite su crediti pari a 22 milioni di dollari. Tuttavia, il volume delle nuove attività retail ha mostrato una forte crescita, aumentando dell'8% a 2,96 miliardi di dollari in tutte le regioni.
Gli indicatori di salute del portafoglio sono stati contrastanti, con i ritardi nei pagamenti che sono migliorati passando dall'1,78% all'1,58% su base annua. Le svalutazioni sono diminuite significativamente a 20 milioni di dollari rispetto ai 55 milioni del primo trimestre 2024. L'accantonamento per perdite su crediti si è attestato a 282 milioni di dollari, pari allo 0,95% dei crediti finanziari.
Cat Financial reportó resultados mixtos para el primer trimestre de 2025, con ingresos ligeramente al alza pero ganancias significativamente a la baja. Los ingresos aumentaron un 1% hasta 860 millones de dólares, principalmente debido a un mayor promedio de activos generadores de ingresos, mientras que las ganancias disminuyeron un 23% hasta 130 millones de dólares.
La caída en las ganancias se atribuyó principalmente a dos factores: la ausencia de un acuerdo de seguro de 33 millones de dólares en el primer trimestre de 2024 y un mayor provisionamiento para pérdidas crediticias de 22 millones de dólares. Sin embargo, el volumen de nuevos negocios minoristas mostró un fuerte crecimiento, aumentando un 8% hasta 2,96 mil millones de dólares en todas las regiones.
Los indicadores de salud de la cartera fueron mixtos, con los atrasos mejorando al 1,58% desde el 1,78% interanual. Las cancelaciones disminuyeron significativamente a 20 millones de dólares desde los 55 millones del primer trimestre de 2024. La provisión para pérdidas crediticias se situó en 282 millones de dólares, representando el 0,95% de las cuentas por cobrar financieras.
Cat Financial은 2025년 1분기에 매출은 소폭 증가했으나 이익은 크게 감소하는 엇갈린 실적을 보고했습니다. 매출은 주로 평균 수익 자산 증가로 1% 상승하여 8억 6천만 달러를 기록했고, 이익은 23% 감소하여 1억 3천만 달러에 머물렀습니다.
이익 감소는 주로 두 가지 요인 때문이었는데, 2024년 1분기의 3,300만 달러 보험 합의금 미수령과 2,200만 달러의 신용 손실 충당금 증가가 원인입니다. 그러나 소매 신규 사업 규모는 모든 지역에서 8% 증가하여 29억 6천만 달러로 강한 성장을 보였습니다.
포트폴리오 건전성 지표는 혼재되어 있으며, 연간 기준으로 연체율은 1.78%에서 1.58%로 개선되었습니다. 대손상각은 2024년 1분기 5,500만 달러에서 크게 줄어 2,000만 달러를 기록했습니다. 신용 손실 충당금은 금융채권의 0.95%에 해당하는 2억 8,200만 달러였습니다.
Cat Financial a publié des résultats mitigés pour le premier trimestre 2025, avec un chiffre d'affaires en légère hausse mais des bénéfices en forte baisse. Les revenus ont augmenté de 1 % pour atteindre 860 millions de dollars, principalement grâce à une augmentation des actifs générateurs de revenus moyens, tandis que le bénéfice a diminué de 23 % pour s'établir à 130 millions de dollars.
La baisse du bénéfice est principalement due à deux facteurs : l'absence d'un règlement d'assurance de 33 millions de dollars au premier trimestre 2024 et une augmentation des provisions pour pertes sur crédits de 22 millions de dollars. Cependant, le volume des nouvelles affaires de détail a connu une forte croissance, augmentant de 8 % pour atteindre 2,96 milliards de dollars dans toutes les régions.
Les indicateurs de santé du portefeuille étaient mitigés, avec une amélioration des retards de paiement à 1,58 % contre 1,78 % en glissement annuel. Les radiations ont fortement diminué à 20 millions de dollars contre 55 millions au premier trimestre 2024. La provision pour pertes sur crédits s'élevait à 282 millions de dollars, représentant 0,95 % des créances financières.
Cat Financial meldete gemischte Ergebnisse für das erste Quartal 2025, mit leicht gestiegenen Umsätzen, aber deutlich gesunkenen Gewinnen. Die Umsätze stiegen um 1 % auf 860 Millionen US-Dollar, hauptsächlich aufgrund höherer durchschnittlicher ertragsgenerierender Vermögenswerte, während der Gewinn um 23 % auf 130 Millionen US-Dollar sank.
Der Gewinnrückgang wurde hauptsächlich auf zwei Faktoren zurückgeführt: das Fehlen einer 33 Millionen US-Dollar Versicherungsauszahlung aus dem ersten Quartal 2024 und höhere Rückstellungen für Kreditausfälle in Höhe von 22 Millionen US-Dollar. Das Volumen des neuen Einzelhandelsgeschäfts zeigte jedoch ein starkes Wachstum und stieg in allen Regionen um 8 % auf 2,96 Milliarden US-Dollar.
Die Portfolio-Gesundheitsindikatoren waren gemischt, wobei sich die Rückstände von 1,78 % auf 1,58 % im Jahresvergleich verbesserten. Abschreibungen verringerten sich deutlich auf 20 Millionen US-Dollar gegenüber 55 Millionen im ersten Quartal 2024. Die Rückstellung für Kreditverluste lag bei 282 Millionen US-Dollar, was 0,95 % der Finanzforderungen entspricht.
- Retail new business volume increased 8% to $2.96B vs Q1 2024
- Past dues improved to 1.58% from 1.78% YoY
- Write-offs decreased significantly to $20M from $55M YoY
- Higher volume across all regions indicating strong market demand
- Revenues increased 1% to $860M vs Q1 2024
- Profit decreased 23% to $130M vs Q1 2024
- Profit before income taxes down 24% to $174M
- Higher provision for credit losses impacting profits negatively
- Allowance for credit losses increased to 0.95% from 0.91% since December 2024
- Lower average financing rates affecting revenue growth
Insights
Cat Financial shows mixed Q1 results with modest revenue growth and strong new business volume, but decreased profits partly due to one-time factors.
Cat Financial's Q1 2025 results present a financial picture with notable contrasts. Revenue increased marginally by
The headline profit figure shows a substantial
Looking at operational metrics, retail new business volume grew impressively by
Portfolio health indicators show mixed signals: Past dues improved to
This creates an interesting contrast: actual portfolio performance metrics are improving, yet management has increased provisions for future losses. Total assets grew slightly to
First-quarter 2025 profit before income taxes was
The provision for income taxes for the first quarter of 2025 was
During the first quarter of 2025, retail new business volume was
At the end of the first quarter of 2025, past dues at Cat Financial were
"The Cat Financial team continues to focus on execution of our strategy and maintaining strong portfolio health," said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. "Cat Financial remains committed to providing financial services solutions to Caterpillar customers and dealers worldwide."
About Cat Financial
Cat Financial is a subsidiary of Caterpillar, the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Cat Financial provides a wide range of financing solutions to customers and Cat® dealers for machines, engines, Solar® turbines, genuine Cat parts and services. Headquartered in
STATISTICAL HIGHLIGHTS:
FIRST-QUARTER 2025 VS. FIRST-QUARTER 2024 (ENDED MARCH 31, EXCEPT TOTAL ASSETS) (Millions of dollars) | |||||
2025 | 2024 | CHANGE | |||
Revenues | $ 860 | $ 853 | 1 % | ||
Profit Before Income Taxes | $ 174 | $ 229 | (24) % | ||
Profit (excluding profit attributable to noncontrolling interests) | $ 130 | $ 169 | (23) % | ||
Retail New Business Volume | $ 2,964 | $ 2,742 | 8 % | ||
Total Assets at March 31 and December 31, respectively | $ 34,423 | $ 34,084 | 1 % | ||
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Cat Financial's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (ii) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for Caterpillar products; (x) marketing, operational or administrative support received from Caterpillar; (xi) our ability to develop, produce and market quality products that meet our customers' needs; (xii) information technology security threats and computer crime; (xiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xiv) new regulations or changes in financial services regulations; (xv) additional tax expense or exposure; (xvi) changes in accounting guidance; (xvii) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xviii) other factors described in more detail in Cat Financial's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
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SOURCE Cat Financial
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