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October 27, 2011updated 12 Apr 2017 4:11pm

Cat Financial profit jumps 41%

Cat Financial, the construction and mining equipment leasing company, increased third-quarter profits by about 41% compared to the same period last year, helped by growth in new business and lower credit losses. Cat, which is owned by Caterpillar, the worlds largest maker of heavy equipment, said pretax profit was $126m (90m) for the third quarter of 2011 -- up from $89m (63m) compared to the same period a year earlier.

By Nick Huber

Cat Financial, the construction and mining equipment leasing company, increased third-quarter profits by about 41% compared to the same period last year, helped by growth in new business and lower credit losses.

Cat, which is owned by Caterpillar, the world’s largest maker of heavy equipment, said pretax profit was $126m (€90m) for the third quarter of 2011 — up from $89m (€63m) compared to the same period a year earlier. Sales grew four per cent to $668m (€477m), boosted by higher-earning assets, including operating leases at constant interest rates.

Kent Adams, Cat Financial president and vice president of Caterpillar, said he was “very pleased” with the results.

“New business, write-offs, past dues and profit all improved from last year … With our continued focus on managing our portfolio, ensuring an outstanding customer experience, and maintaining access to attractive funding, Cat Financial is well positioned to support Caterpillar customers and dealers around the world,” he said.

Cat Financial provides finance for Cat machinery and engines, solar gas turbines and other equipment and marine vessels.

 

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