Cat Financial reported revenues of $3.49 billion for 2024, an increase of $241 million, or 7%, compared with $3.25 billion for 2023. The increase in revenues was primarily due to favorable impacts from higher average financing rates of $153 million and higher average earning assets of $127 million, partially offset by an unfavorable impact from returned or repossessed equipment of $34 million. Profit was $598 million for 2024, an increase of $35 million, or 6%, compared with $563 million for 2023.<\/p>\n\n\n\n
Profit before income taxes was $533 million for 2024, a decrease of $227 million, or 30%, compared with $760 million for 2023. The decrease was primarily due to a loss on divestiture of a non-U.S. entity of $210 million. Excluding the loss on divestiture, the decrease of $17 million over the prior year was primarily due to an increase in general, operating and administrative expenses of $55 million and an unfavorable impact from returned or repossessed equipment of $34 million, partially offset by a favorable impact from higher average earning assets of $54 million and an insurance settlement of $33 million.<\/p>\n\n\n\n
The benefit from income taxes was $66 million for 2024 compared with $192 million expense for 2023. The benefit from income taxes for 2024 includes a non-cash tax benefit of $224 million from a tax law change related to currency translation. The benefit to the tax rate was partially offset by the loss on divestiture of a non-U.S. entity with no related tax benefit during 2024.<\/p>\n\n\n\n
During 2024, retail new business volume was $13.24 billion, an increase of $1.14 billion, or 9%, compared with $12.11 billion for 2023. The increase was primarily driven by higher volume in North America.<\/p>\n\n\n\n
At the end of 2024, past dues were 1.56%, compared with 1.79% at the end of 2023. Write-offs, net of recoveries, were $115 million for 2024, compared with $65 million for 2023. As of December 31, 2024, the allowance for credit losses totaled $267 million, or 0.91% of finance receivables, compared with $331 million, or 1.18% of finance receivables at December 31, 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Cat Financial reported revenues of $3.49 billion for 2024, an increase of $241 million, or 7%, compared with $3.25 billion for 2023. The increase in revenues was primarily due to favorable impacts from higher average financing rates of $153 million and higher average earning assets of $127 million, partially offset by an unfavorable impact from […]<\/p>\n","protected":false},"author":1,"featured_media":125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/posts\/123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/comments?post=123"}],"version-history":[{"count":1,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/posts\/123\/revisions"}],"predecessor-version":[{"id":127,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/posts\/123\/revisions\/127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/media\/125"}],"wp:attachment":[{"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/media?parent=123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/categories?post=123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/webifa.site\/corporate-site\/wp-json\/wp\/v2\/tags?post=123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}