Cat Financial Announces First-Quarter 2013 Results

NASHVILLE, Tenn., April 22, 2013 /CNW/ - Cat Financial reported first-quarter 
2013 revenues of $680 million, an increase of $12 million, or 2 percent, 
compared with the first quarter of 2012. First-quarter 2013 profit after tax 
was $141 million, a $21 million, or 18 percent, increase from the first 
quarter of 2012. 
The increase in revenues 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. 
The provision for income taxes reflects an estimated annual tax rate of 27 
percent for the first quarter of 2013 and 2012. The first quarter 2013 
estimated annual tax rate of 27 percent excludes a benefit of $7 million 
reflecting the impact of the American Taxpayer Relief Act. 
New retail financing in the first quarter of 2013 was $2.90 billion, a 
decrease of $162 million, or 5 percent, from the first quarter of 2012. The 
decrease was primarily related to our Asia/Pacific, Europe and Caterpillar 
Power Finance and Latin America operating segments, partially offset by growth 
in our North America operating segment. 
At the end of the first quarter of 2013, past dues were 2.52 percent compared 
with 2.26 percent at the end of 2012. The increase in past dues from year-end 
is due to seasonality impacts. At the end of the first quarter of 2012, past 
dues were 3.19 percent. Write-offs, net of recoveries, were $10 million for 
the first quarter of 2013, down from $11 million for the first quarter of 2012. 
As of March 31, 2013, Cat Financial's allowance for credit losses totaled $429 
million or 1.49 percent of net finance receivables, compared with $426 million 
or 1.49 percent of net finance receivables at year-end 2012. The allowance for 
credit losses as of March 31, 2012, was $379 million or 1.47 percent of net 
finance receivables. 
"Cat Financial's business continues to perform well and we are pleased with 
the performance of our portfolio," said Kent Adams, Cat Financial president 
and vice president of Caterpillar Inc. "Past dues and write-offs are down from 
the first quarter of last year. With continued focus on managing our portfolio 
and providing financial services excellence, Cat Financial is well-positioned 
to support Caterpillar customers and Cat dealers around the world." 
For over 30 years, Cat Financial, a wholly-owned subsidiary of Caterpillar 
Inc., has been providing financial service excellence to Cat customers. The 
company offers a wide range of financing alternatives to customers and Cat 
dealers for Cat machinery and engines, Solar® gas turbines and other 
equipment and marine vessels. Cat Financial has offices and subsidiaries 
located throughout the Americas, Asia, Australia and Europe, with headquarters 
in Nashville, Tennessee. 
STATISTICAL HIGHLIGHTS: 
FIRST QUARTER 2013 VS. FIRST QUARTER 2012 
(ENDED MARCH 31) 
(Millions of dollars) 
                       2013       2012       CHANGE 
Revenues                   $ 680      $ 668      2% 
Profit Before Income Taxes $ 187      $ 170      10% 
Profit After Tax           $ 141      $ 120      18% 
New Retail Financing       $ 2,897    $ 3,059    (5)% 
Total Assets               $ 35,087   $ 30,767   14% 
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS 
Certain statements contained in this earnings release may be considered 
"forward-looking statements" as that term is defined in the Private Securities 
Litigation Reform Act of 1995. These statements may relate to future events or 
our future financial performance, which may involve known and unknown risks 
and uncertainties and other factors that may cause our actual results, levels 
of activity, performance or achievement to be materially different from those 
expressed or implied by any forward-looking statements. From time to time, we 
may also provide forward-looking statements in oral presentations to the 
public or in other materials we issue to the public. Forward-looking 
statements give current expectations or forecasts of future events about the 
company. You may identify these statements by the fact that they do not relate 
to historical or current facts and may use words such as "believes," 
"expects," "estimates," "anticipates," "will," "should," "plan," "project," 
"intend," "could" and similar words or phrases. These statements are only 
predictions. Actual events or results may differ materially due to factors 
that affect international businesses, including changes in economic conditions 
and ongoing challenges in the global financial and credit markets, and changes 
in laws and regulations (including regulations implemented under the 
Dodd-Frank Wall Street Reform and Consumer Protection Act) and political 
stability, as well as factors specific to Cat Financial and the markets we 
serve, including the market's acceptance of our products and services, the 
creditworthiness of our customers, interest rate and currency rate 
fluctuations and estimated residual values of leased equipment. These risk 
factors may not be exhaustive. We operate in a continually changing business 
environment, and new risk factors emerge from time to time. We cannot predict 
these new risk factors, nor can we assess the impact, if any, of these new 
risk factors on our businesses or the extent to which any factor, or 
combination of factors, may cause actual results to differ materially from 
those projected in any forward-looking statements. Accordingly, 
forward-looking statements should not be relied upon as a prediction of actual 
results. Moreover, we do not assume responsibility for the accuracy and 
completeness of those statements. All of the forward-looking statements are 
qualified in their entirety by reference to the factors discussed under the 
captions "Risk Factors" and "Management's Discussion and Analysis of Financial 
Condition and Results of Operations" in our annual report on Form 10-K for the 
fiscal year ended December 31, 2012, that describe risks and factors that 
could cause results to differ materially from those projected in the 
forward-looking statements. Cat Financial undertakes no obligation to publicly 
update forward-looking statements, whether as a result of new information, 
future events or otherwise. 
Jim Dugan, Global Government & Corporate Affairs, (309) 494-4100 Office, (309) 
360-7311 Mobile, Dugan_Jim@cat.com 
SOURCE: Cat Financial 
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CO: Cat Financial
ST: Tennessee
NI: CST MAC ERN  
-0- Apr/22/2013 11:32 GMT