Cat Financial reported Q2/17 revenues of $676 million, up 3% or $17 million compared to the second quarter of 2016. Second quarter profit was $114 million, up 12% or $12 million compared to Q2/16.

The following highlights were excerpted from the news release:

• Pretax profit was $164 million up from $148 million in Q2/16. The increase was primarily due to a $20 million decrease in provision for credit losses and an $8 million favorable impact from returned or repossessed equipment.
• During Q2/17, retail new business volume was $2.69 billion, down 12% or $367 million year-over-year.

“Cat Financials’ solid business performance during the quarter was driven by continued strong portfolio health,” said Dave Walton, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar. “The global Cat Financial team remains committed to helping Caterpillar customers and Cat dealer succeed through financial services excellence.”