RTTNews | Apr 29, 2021 10:25AM EDT

10:25 Thursday, April 29, 2021 (RTTNews.com) - Cat Financial reported that its profit for the first-quarter 2021 was $140 million, a $50 million or 56%, increase from the first quarter of 2020.

First-quarter 2021 profit before income taxes was $196 million, a $69 million, or 54%, increase from the first quarter of 2020. The increase was primarily due to a $71 million decrease in provision for credit losses, partially offset by a $13 million increase in general, operating and administrative expenses, primarily due to higher incentive compensation. The impact of lower average financing rates was offset by lower interest expense.

But quarterly revenues were $639 million, a decrease of $56 million, or 8% from the prior year. The decrease in revenues was primarily due to a $40 million unfavorable impact from lower average financing rates and a $19 million unfavorable impact from lower average earning assets.

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