Regional bank shares plunge on fear of more rescues to come
PacWest Bancorp and Western Alliance Bancorp led a deep selloff in regional lenders Tuesday, as renewed fears over the health of the financial system hit Wall Street after the second-largest US bank failure ever. Trading in both firms triggered multiple volatility halts
Terex maintains $4.1B backlog in Q1
Equipment manufacturer Terex Corp. maintained a backlog of $4.1 billion quarter over quarter as demand remained strong, despite continued supply chain issues and rising interest rates. Terex’s backlog for its aerial work platforms (AWP) at the end of the first quarter
United Rentals sees 26% uptick in Q1
Equipment rental company United Rentals’ saw its rental revenue bolstered by strong demand and fleet productivity in the first quarter. Rental revenue for Q1 was $2.7 billion, up 26% year over year, according to the company’s earnings release. The company’s total
Cat Financial originations down 11% YoY
Cat Financial originations declined in the first quarter due to high interest rates leading to more cash deals and increased competition from banks. Cat Financial, the finance subsidiary of equipment manufacturer Caterpillar, posted $2.5 billion in Q1 originations, a decline of
Equipment finance industry confidence declines again in April
Confidence in the equipment finance industry declined for the second consecutive month amid inflationary pressures and a slowdown in business activity. The Monthly Confidence Index for the equipment finance industry landed at 47 in April, down from 50.3 in March and
Orders for US business equipment decline by more than forecast
Orders placed with US factories for business equipment fell in March by more than expected, suggesting higher borrowing costs and a cloudy economic outlook are restraining capital investment. The value of core capital goods orders, a proxy for investment in equipment
PACCAR Financial Services portfolio up 16%
PACCAR Financial Services, the finance arm of truck manufacturer PACCAR Inc., continued to grow its portfolio in the first quarter of 2023, driven by elevated prices and higher deliveries. PACCAR Financial originated $423.2 million in the first quarter of 2023, up
Volvo North American truck, CE orders skyrocket
Swedish manufacturer Volvo’s North American truck and construction equipment orders jumped in the first quarter thanks to strong demand and favorable market conditions in the region. Volvo Trucks’ North American truck orders totaled 2,596 for Q1, up 151.9% year over year,
Huntington, Volvo Financial commercial outstandings rise as equipment market normalizes
Commercial financiers Huntington Bank and Volvo Financial Services’ commercial and industrial books grew in the first quarter as the equipment market normalizes. Huntington Bank’s commercial and institutional loan outstandings landed at $47 billion in Q1, up 4.3% quarter over quarter and
Equipment finance execs: Recruitment a challenge
MCKINNEY, Texas — Equipment finance executives are working to attract new talent as the industry continues to face recruitment challenges. “The biggest challenge we’re starting to address — but we're so far behind the curve — is the influx of new
