earnings und streichung von 20000 stellen
NASHVILLE, Tenn., Jan 26, 2009 /PRNewswire-FirstCall via COMTEX/ -- Caterpillar Financial Services Corporation (Cat Financial) today reported record revenues of $2.999 billion for 2008, an increase of $1 million, compared with 2007. Profit after tax was $385 million, a $109 million, or 22 percent, decrease from 2007.
Of the increase in revenues for the year, $346 million resulted from the impact of continued growth of earning assets (finance receivables and operating leases at constant interest rates). This increase was partially offset by a $240 million decrease from the impact of lower interest rates on new and existing finance receivables and a $105 million net decrease in various other net revenue items.
On a pre-tax basis, profit was down $223 million for the year, or 31 percent, compared with 2007. The decrease was principally due to a $105 million impact from decreased net yield on average earning assets and a higher provision expense of $95 million primarily related to deteriorating global economic conditions. In addition, interest rate volatility, primarily in the fourth quarter, resulted in a $50 million impact from mark-to-market adjustments on interest rate derivative contracts. The remaining decrease was due to a $36 million increase in general, operating and administrative expense, a $28 million net decrease in various other net revenue items and a $27 million write-down on retained interests related to the securitized asset portfolio due to worse than expected losses. These decreases in pre-tax profit were partially offset by a $130 million favorable impact from higher average earning assets.
Provision for income taxes for the year decreased $114 million, or 49 percent, compared with 2007. The decrease was primarily attributable to lower pre-tax results.
New retail financing for the year was a record $15.88 billion, an increase of $1.8 billion, or 13 percent, from 2007. The increase was the result of increased new retail financing, primarily in our Asia-Pacific and Diversified Services operating segments.
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