Goldman Sachs Raises Rating on Caterpillar (CAT) and Joy Global (JOY) to Neutral on 'Broadending' China Recovery

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Go back to Goldman Sachs Raises Rating on Caterpillar (CAT) and Joy Global (JOY) to Neutral on 'Broadending' China Recovery

Cat Financial Announces First-Quarter 2016 Results

April 22, 2016 7:31 AM EDT

NASHVILLE, Tenn., April 22, 2016 /PRNewswire/ -- Cat Financial reported first-quarter 2016 revenues of $643 million, a decrease of $46 million, or 7 percent, compared with the first quarter of 2015. First-quarter 2016 profit was $100 million, a $33 million, or 25 percent, decrease from the first quarter of 2015.

The decrease in revenues was primarily due to a $23 million unfavorable impact from lower average earning assets and a $13 million unfavorable impact from lower average financing rates.

Profit before income taxes was $145 million for the first quarter of 2016, compared with $187 million for the first quarter of 2015. The decrease was primarily due to a $17 million... More