Cat Financial reported Q3/15 revenues of $653 million, a decrease of $90 million, or 12%, compared with Q3/14. After tax Q3/15 profit was $109 million, a $39 million, or 26% decrease from Q3/14.

Cat Financial said the decrease in revenues was primarily due to a $45 million unfavorable impact from lower average earning assets and a $38 million unfavorable impact from lower average financing rates.

Profit before income taxes was $153 million for the Q3/15, compared with $197 million for the Q3/14. The decrease was primarily due to a $26 million decrease in net yield on average earning assets, reflecting changes in the geographic mix of margin and currency impacts, and a $21 million unfavorable net impact from lower average earning assets.

Retail new business volume was $2.86 billion in Q3/15, a decrease of $275 million, or 9%, from Q3/14. The decrease was primarily related to lower volume in Latin America, Asia and Europe, with North America remaining relatively flat.

At the end of the Q3/15, past dues were 2.68%, compared with 2.81% at the end of Q3/14. Write-offs, net of recoveries, were $69 million for the Q3/15, compared with $16 million for the Q3/14. The increase in write-offs, net of recoveries, was primarily driven by the mining and marine portfolios.

“Despite challenging global market conditions in some of the key segments we serve, our portfolio continues to perform relatively well,” said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar. “The global Cat Financial team remains focused on helping Caterpillar customers and Cat dealers succeed through financial services excellence.”