Cat Financial reported first-quarter 2014 revenues of $713 million, an increase of $33 million, or 5%, compared with the first quarter of 2013. First-quarter 2014 profit after tax was $136 million, a $5 million, or 4%, decrease from the first quarter of 2013.

During the first quarter of 2014, new retail financing was $2.80 billion, a decrease of $102 million, or 4%, from the first quarter of 2013, Cat reported. The decrease was primarily related to the Mining and Asia/Pacific operating segments, partially offset by improvements in the North America operating segment.

“Our business continues to perform well, reflecting steady earning asset growth and good portfolio health during the quarter,” said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar. “The global Cat Financial team delivered solid results and we continue to be well positioned to serve Caterpillar, Cat dealers and customers worldwide.”

Cat said the increase in revenues was primarily due to a $23 million favorable impact from higher average earning assets and an $8 million favorable impact from returned or repossessed equipment.

Profit before income taxes was $188 million for the first quarter of 2014, compared with $187 million for the first quarter of 2013. The increase was primarily due to a $10 million favorable impact from higher average earning assets and an $8 million favorable impact from returned or repossessed equipment, mostly offset by a $17 million increase in provision for credit losses.

At the end of the first quarter of 2014, past dues were 2.44%, compared with 2.37% at the end of 2013. The slight increase in past dues compared to year-end 2013 was primarily due to seasonality impacts. Write-offs, net of recoveries, were $38 million for the first quarter of 2014, compared with $10 million for the first quarter of 2013.

As of March 31, 2014, Cat Financial’s allowance for credit losses totaled $373 million or 1.25% of net finance receivables, compared with $378 million or 1.30% of net finance receivables at year-end 2013. The allowance for credit losses as of March 31, 2013, was $429 million or 1.49% of net finance receivables.

To read the full Cat news release, click here.