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Ford Credit Earns $383 Million in
the Second Quarter of 2011
DEARBORN, Mich. - Ford Motor
Credit Company reported net income of $383 million in the second
quarter of 2011, a decrease of $173 million from a year earlier.
On a pre-tax basis, Ford Credit earned $604 million in the
second quarter, compared with $888 million in the previous year.
On a pre-tax basis, Ford Credit earned $1.3 billion in the first
half of 2011, compared with $1.7 billion in the first half of
2010.
The decrease in pre-tax earnings
reflects primarily lower credit loss reserve reductions and the
non-recurrence of lower lease depreciation expense of the same
magnitude as 2010.
"Ford Credit's business continues
to perform well, with low credit losses and strong originations
capability," Chairman and CEO Mike Bannister said. "We continue
to succeed in our mission to support Ford sales."
On June 30, 2011, Ford Credit's
net receivables totaled $84 billion, compared with $81 billion
at year-end 2010. Managed receivables were $86 billion on June
30, 2011, up from $83 billion on December 31, 2010. The higher
receivables were primarily due to changes in currency exchange
rates.
On June 30, 2011, managed leverage
was 7.5 to 1. In the second quarter of 2011, Ford Credit
distributed $1.0 billion to its parent.
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