NASHVILLE, Tenn. — Caterpillar Financial Services reported record first-quarter revenues of $713 million, an increase of $56 million compared with the same quarter in 2006.
First-quarter profit after tax was a record $125 million, a $7 million increase over the first quarter of 2006.
“We have focused on executing well, and these results demonstrate we are succeeding,” said Kent Adams, Caterpillar vice-president and Cat Financial president. “The results reflect the strength of Team Caterpillar in the diverse industries we support.”
Of the increase in revenues, $36 million resulted from the impact of higher interest rates on new and existing finance receivables, $22 million resulted from the impact of continued growth of finance receivables and operating leases (earning assets) offset by a $2 million decrease in other revenue items.
New retail financing was $2.74 billion, an increase of $119 million from the first quarter of 2006. The increase was the result of increased new retail financing, primarily in the Europe and Diversified Services operating segments, noted the company.
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