Full-Year 2020 vs. Full-Year 2019
Cat Financial reported revenues of
The decrease in revenues was primarily due to a
Profit before income taxes was
The provision for income taxes reflected an annual tax rate of 29% for 2020, compared with 31% for 2019. The decrease in the annual tax rate was primarily due to changes in the geographic mix of profits.
During 2020, retail new business volume was
At the end of 2020, past dues were 3.49%, compared with 3.14% at the end of 2019. Past dues increased primarily due to the impact of the COVID-19 pandemic, partially offset by decreases in the Caterpillar Power Finance, EAME and Latin American portfolios. Write-offs, net of recoveries, were
Fourth-Quarter 2020 vs. Fourth-Quarter 2019
Cat Financial reported fourth-quarter 2020 revenues of
The decrease in revenues was primarily due to a
Fourth-quarter 2020 profit before income taxes was
The provision for income taxes reflected an effective tax rate of 20% in the fourth quarter of 2020, compared with 32% in the fourth quarter of 2019. The decrease in the effective tax rate was primarily due to changes in the geographic mix of profits.
During the fourth quarter of 2020, retail new business volume was
"We were pleased with the overall performance of our business and the resilience of our team in 2020 as we managed through the challenges from the global pandemic," said
For almost 40 years, Cat Financial, a wholly owned subsidiary of
STATISTICAL HIGHLIGHTS: | |||||||
FOURTH-QUARTER 2020 VS. FOURTH-QUARTER 2019 (ENDED (Millions of dollars) | |||||||
2020 | 2019 | CHANGE | |||||
Revenues | $ | 616 | $ | 725 | (15)% | ||
Profit Before Income Taxes | $ | 122 | $ | 161 | (24)% | ||
Profit (excluding profit attributable to noncontrolling interests) | $ | 96 | $ | 104 | (8)% | ||
Retail New Business Volume | $ | 3,109 | $ | 3,262 | (5)% | ||
Total Assets | $ | 31,991 | $ | 33,693 | (5)% | ||
FULL-YEAR 2020 VS. FULL-YEAR 2019 (ENDED (Millions of dollars) | |||||||
2020 | 2019 | CHANGE | |||||
Revenues | $ | 2,550 | $ | 2,966 | (14)% | ||
Profit Before Income Taxes | $ | 434 | $ | 628 | (31)% | ||
Profit (excluding profit attributable to noncontrolling interests) | $ | 293 | $ | 410 | (29)% | ||
Retail New Business Volume | $ | 10,759 | $ | 11,888 | (9)% |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Cat Financial's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) disruptions or volatility in global financial markets limiting our sources of liquidity; (ii) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (iii) changes in interest rates, currency fluctuations or market liquidity conditions; (iv) an increase in delinquencies, repossessions or net losses of our customers; (v) residual values of leased equipment; (vi) our compliance with financial and other restrictive covenants in debt agreements; (vii) government monetary or fiscal policies; (viii) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (ix) demand for
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SOURCE Cat Financial
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