Cat Financial reported second-quarter 2013 revenues of $694 million, an increase of $26 million, or 4% compared with the second quarter of 2012. Second-quarter 2013 profit after tax was $111 million, a $7 million, or 7% increase from the second quarter of 2012.

New retail financing in the second quarter of 2013 was $3.39 billion, a decrease of $452 million, or 12%, from the second quarter of 2012. The decrease was primarily within the Asia/Pacific and Latin America operating segments, partially offset by growth in the North America operating segment. Year-to-date retail financing of $6.28 billion was down 9% from $6.90 billion for the same period in 2012.

Cat said the increase in revenues was due to a $74 million favorable impact from higher average earning assets (finance receivables and operating leases at constant rates), partially offset by a $40 million unfavorable impact from lower average financing rates on new and existing finance receivables and operating leases and an $8 million unfavorable impact from returned or repossessed equipment.

Profit before income taxes was $158 million for the second quarter of 2013, compared with $144 million for the second quarter of 2012. The increase was primarily due to a $31 million favorable impact from higher average earning assets and a $7 million improvement in net yield on average earning assets. These increases were partially offset by a $22 million unfavorable impact from currency gains and losses and an $8 million unfavorable impact from returned or repossessed equipment.

“Cat Financial’s business continues to perform well as a result of continued growth in our earning assets.” said Kent Adams, Cat Financial president and vice president of Caterpillar. “The global Cat Financial team remains focused on helping Cat customers and dealers succeed through financial services excellence.”

To read the full Cat Financial news release click here.