Ford Credit Earns $1.23 Billion In 2002 - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
» Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto Escrow

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 01-21-2003, 06:08   #1 (permalink)
Mr. Embargo
 
Join Date: May 2001
Location: Embargoland
Posts: 3,745
Ford Credit Earns $1.23 Billion In 2002

DEARBORN, Mich., January 21, 2003 Ford Motor Credit Company reported earnings of $1.23 billion in 2002, up $395 million from earnings of $839 million a year earlier. After-tax financial statement return on average equity was 9 percent in 2002, compared with 7 percent in 2001. Excluding unusual charges and adjustments related to SFAS No. 133 (Accounting for Derivative Instruments and Hedging Activities), Ford Credit earned $1.38 billion, up $175 million from earnings of $1.2 billion in 2001. The increase in earnings primarily reflected a lower provision for credit losses, offset partially by the net unfavorable impact of receivable sales and lower net financing margins.


In the fourth quarter of 2002, Ford Credit earned $354 million, up $651 million from a loss of $297 million in the same period a year earlier. Excluding unusual charges and adjustments related to SFAS No. 133, Ford Credit earned $382 million in the fourth quarter of 2002, up $376 million from earnings of $6 million in the same period a year earlier. The improvement reflected a lower provision for credit losses and the net favorable impact of receivable sales, offset partially by lower net financing margins. Ford Credit paid a dividend to Ford Motor Company of $700 million in December. For the full year, Ford Credit's dividend, net of the January 2002 capital contribution, was $450 million.


"I'm proud of our solid performance in a difficult year," said Greg Smith, Chairman and CEO. "Ford Credit delivered improved profits, as well as strong customer satisfaction and owner loyalty. In addition, we reduced leverage, continued to diversify funding sources and paid a net dividend to Ford Motor Company," Smith added.


On December 31, 2002, Ford Credit's owned receivables totaled $129 billion, down $9 billion compared with

$138 billion on September 30, 2002, and down $18 billion compared with $147 billion on December 31, 2001. These reductions primarily reflected the higher sales of receivables in securitizations and whole-loan transactions. Managed receivables, which includes both owned receivables and receivables sold in securitizations, were $200 billion on December 31, 2002, compared with $204 billion on September 30, 2002, and $206 billion on December 31, 2001. During the fourth quarter of 2002, Ford Credit also sold $5 billion of receivables through whole-loan sales transactions.
__________________
*Retired.
RPO83 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ford family celebrates 100 years of cars Stacy94PGT Ford Worldwide News 0 06-10-2003 05:46
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-2003 04:52
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-2003 05:58
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-2003 07:17
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-2002 06:48

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 09:46.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.