RTTNews | Oct 28, 2021 09:33AM EDT

09:33 Thursday, October 28, 2021 (RTTNews.com) - Caterpillar Financial, a financing solutions provider and an arm of energy equipment manufacturer Caterpillar (CAT), posted a surge in profit for the third quarter amidst a rise in new retail business volume.

The Nashville-headquartered company posted a surge in its profit at $101 million for the quarter ended in September, compared to $48 million, reported for the same period, last year. Profit before income tax was also increased by 36 percent to $131 million, compared to the 90-day period of 2020.

During the third quarter of 2021, retail new business volume was $3.34 billion, an increase of $742 million, or 29 percent, from the third quarter of 2020. The increase was driven by higher volume across all segments with the exception of a decrease in Asia Pacific region.

The revenue for the July to September period rose to $634 million for the thirteen-week period ended on September 30, from $598 million, recorded for the same quarter of 2020.

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