Cat Has Record First Quarter

May 1, 2006 — Peoria, Ill.-based Caterpillar Financial Services Corp., recently reported revenues of $657 million for the first quarter of 2006 — an increase of $114 million or 21% compared with the same period in 2005. Profit after tax was a record $118 million, a $35 million or 42% increase over the first quarter of 2005.

 

Of the increase in revenues, $51 million resulted from the impact of continued growth of finance receivables and operating leases (earning assets), $50 million from the impact of higher interest rates on new and existing finance receivables, $7 million higher net gain on returned or repossessed equipment, and a $6 million increase in various other revenue items.

 

Record first quarter 2006 sales and revenues totaled $9.392 billion with a Q1 profit of $840 million, or $1.20 per share. Sales and revenues increased 13%, and profit per share was up 48% compared with the first quarter of 2005. Caterpillar's first-quarter operating cash flow was $527 million, an increase of $348 million compared with the first quarter of 2005.