$Caterpillar (CAT.US)$ reported Q1 results Thursday of $5.75/share, about $21 more than the same quarter last year on revenue of $853M. The firm spent $4.5B on cash buybacks in the quarter, and these tock dropped.
In the relase, the firm said the revenue increase was primarily due to a $69 million favorable impact from higher average financing rates and a $32 million favorable impact from higher average earning assets. First-quarter 2024 profit was $169 million, an increase of $20 million, or 13%, compared with $149 million in the first quarter of 2023.
"The Cat Financial team remains focused on the execution of our strategy and supporting Caterpillar customers and dealers with financial services solutions," said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. "Past dues remain at historically low levels reflecting strong portfolio health, and we continue to deliver solid operational results."
First-quarter 2024 profit before income taxes was $229 million, an increase of $25 million, or 12%, compared with $204 million in the first quarter of 2023. The increase was mainly due to a $33 million insurance settlement, a $14 million favorable impact from higher average earning assets and a $12 million favorable impact from currency exchange. These favorable impacts were partially offset by a $21 million increase in GO&A expenses and a $17 million unfavorable impact from returned or repossessed equipment.
The provision for income taxes reflected an estimated annual tax rate of 26% for both the first quarter of 2024 and 2023.
The retail new business volume in the first quarter of 2024 was $2.74 billion, an increase of $278 million, or 11%, compared with $2.46 billion in the first quarter of 2023. The increase was primarily driven by higher volume in North America.