DEARBORN – Ford Motor Credit Company reported a pre-tax profit of $499 million in the first quarter of 2014, compared with $507 million a year earlier. The change in pre-tax profit was driven by higher volume, reflecting increases in nearly all products globally, largely offset by unfavorable lease residual performance in North America. Ford Credit’s net income was $312 million in the first quarter of 2014, compared with $364 million in the previous year.
“We continue to deliver on the core elements of our Ford support strategy – outstanding products and services, a strong and growing balance sheet and consistent profitability,” said Bernard Silverstone, chairman and chief executive officer.
On March 31, 2014, Ford Credit’s total net receivables were $103 billion, compared with $100 billion at year-end 2013. Managed receivables were $106 billion on March 31, 2014, up from $103 billion on Dec. 31, 2013. On March 31, 2014, managed leverage was 8.6:1, compared with 8.5:1 on Dec. 31, 2013.
Ford Credit now expects full-year pre-tax profit to be about equal to or higher than 2013, reflecting improved financing margin performance. Ford Credit continues to expect managed receivables at year-end of about $110 billion, managed leverage to continue in the range of 8:1 to 9:1, and distributions to its parent of about $250 million. Click here to view for full press release.