Boston, MA 10\/24\/2013 (wallstreetpr) –\u00a0Caterpillar Inc. (NYSE:CAT) has posted its 3Q13 results that shows an increase of around $20 million or 3% in its revenue from the last year pushing the total figure to $698 million. The total profit for the financial giant after deducting tax is $118 million or 8% per share that shows a $9 million increase from the previous year.<\/p>\n
Increase in the total revenue of the company is a result of the $40 million positive impact created by the elevated average earning assets that efficiently counterbalances the $26 million negative impact from the lower financing prices on new as well as existing operating leases and finance receivables.<\/p>\n
Total profit excluding the taxes is $165 million as compared to $153 million last year. Income tax stipulations show an estimated tax rate of around 27% for both the third quarters of year 2012 and 2013.<\/p>\n
For 3Q13, new retail financing plunged $42 million or 1% making it $3.17 billion. This dwindle was shown in all the operating segments of new retail financing with an exception of North America.<\/p>\n
The past dues for the financing company at the end of 3Q are 2.45% as compared to 2.64% of 2Q. There is a $58 million increase in net of recoveries and write-offs for 3Q13 as compared to $29 million for 3Q12. This sharp increase in the write-offs is due to Caterpillar\u2019s Financial European marine portfolio that was offered previously as allowance for the credit losses.<\/p>\n
The total financial allowances for the credit losses at the end of September were $404 million or 1.4% of net financial receivables as compared to $426 million or 1.49% previous year.<\/p>\n
According to Kent Adams, Vice President and Financial President of Caterpillar, the steady growth in the earning assets is a result of strong portfolio and diversified funding platform of the company.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/24\/2013 (wallstreetpr) –\u00a0Caterpillar Inc. (NYSE:CAT) has posted its 3Q13 results that shows an increase of around $20 million or 3% in its revenue […]<\/p>\n","protected":false},"author":32,"featured_media":11106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[1399,3647,3011,1390],"stock_ticker":[],"class_list":["post-11105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cat","tag-caterpillar-inc","tag-caterpillar-inc-nysecat","tag-nysecat","entry"],"acf":[],"yoast_head":"\n