Exhibit 99.1

Caterpillar Financial Services Corporation    
1Q 2020 Earnings Release
April 28, 2020


FOR IMMEDIATE RELEASE



Cat Financial Announces First-Quarter 2020 Results
Cat Financial reported first-quarter 2020 revenues of $695 million, a decrease of $41 million, or 6%, compared with the first quarter of 2019. First-quarter 2020 profit was $90 million, an $8 million, or 8%, decrease from the first quarter of 2019.
The decrease in revenues was primarily due to a $29 million unfavorable impact from lower average earning assets and a $5 million unfavorable impact due to the February 2019 termination of a committed credit facility with Caterpillar.
First-quarter 2020 profit before income taxes was $127 million, a $15 million, or 11%, decrease from the first quarter of 2019. The decrease was primarily due to a $12 million unfavorable impact from lower average earning assets, an $8 million increase in provision for credit losses and the $5 million unfavorable impact mentioned above from the termination of a committed credit facility with Caterpillar. These unfavorable impacts were partially offset by a $16 million decrease in general, operating and administrative expenses primarily due to lower short-term incentive compensation expense.
The provision for income taxes reflected an estimated annual tax rate of 26% in the first quarter of 2020, compared with 27% in the first quarter of 2019.
During the first quarter of 2020, retail new business volume was $2.31 billion, a decrease of $40 million, or 2%, from the first quarter of 2019. The decrease was driven by lower volume across all segments with the exception of an increase in North America.
At the end of the first quarter of 2020, past dues were 4.13%, compared with 3.61% at the end of the first quarter of 2019. The increase was primarily due to North America, Asia/Pacific and Mining, partially offset by a decrease in Caterpillar Power Finance. Write-offs, net of recoveries, were $30 million for the first quarter of both 2020 and 2019. As of March 31, 2020, the allowance for credit losses totaled $457 million, or 1.69% of finance receivables, compared with $424 million, or 1.50% of finance receivables at December 31, 2019. The increase in allowance for credit losses was primarily driven by the forecast of deteriorating economic conditions from the COVID-19 pandemic.


The following information was filed by Caterpillar Financial Services Corp on Tuesday, April 28, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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