PEORIA (dpa-AFX) - Cat Financial, a unit of Caterpillar Inc. (CAT), reported Friday a 25 percent decline in profit for the second quarter to $59 million from $79 million in the year-ago quarter.
Profit before income taxes decreased 37 percent to $89 million from $141 million in the prior-year quarter.
Revenues for the quarter declined 15 percent to $641 million from $757 million in the same quarter last year.
The decrease in revenues was primarily due to a $60 million unfavorable impact from lower average financing rates and a $48 million unfavorable impact from lower average earning assets.
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