Cat Financial, the financial arm of Caterpillar Inc., revealed promising financial results for Q1 2024. Past dues decreased to 1.78%, down from 2.00% in Q1 2023, while write-offs amounted to $55 million compared to $10 million in the previous year.

Despite a decline in allowance for credit losses to $281 million, equivalent to 1.01% of finance receivables, from $331 million in December 2023, Cat Financial remains robust.

The company provides financing solutions to Cat customers and dealers for various equipment. Caterpillar Inc., the US-based manufacturer of construction and mining equipment, reported a 5% decrease in its construction industries segment sales, attributing it to lower sales volume.

Despite challenges, Caterpillar’s resource industries’ total sales decreased by 7% to $3.19 billion.

Chairman and CEO Jim Umpleby expressed satisfaction with the company’s performance, aiming for long-term growth amidst inventory concerns. Analysts highlight the industry’s anticipation of a sales slowdown, despite Caterpillar’s positive price realisation, indicating a shift in market dynamics.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.