Ford Credit Earns $353 Million in the First Quarter, Up 18 Percent
17 April 2000
Ford Credit Earns $353 Million in the First Quarter, Up 18 Percent
DEARBORN, Mich., April 17 Ford Credit earned $353 million
in the first quarter of 2000, up $53 million, or 18 percent from first quarter
1999, Chairman and Chief Executive Officer Donald A. Winkler announced today.
Compared with the first quarter of 1999, the increase in earnings reflects
higher volume and improved net financing margin, offset partially by costs
associated with the restructuring of North American operations. After-tax
return on average equity improved to 12.7 percent from 11.3 percent a year
earlier.
"We are very pleased with our first quarter performance. This lays the
foundation to achieve both of our milestones, 10 percent earnings growth and
improved return on equity," Winkler said.
Ford Credit's total net finance receivables increased to $149.9 billion at
March 31, compared with $131.8 billion in same period of the previous year.
As the world's largest automotive finance company, Ford Credit provides
vehicle financing in 40 countries for more than 10 million customers and
11,500 automotive dealers. During the first quarter, Ford Credit was the
first company to issue a corporate bond over the Internet.
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
First Quarter
2000 1999
Income (in Millions)
Income Before Income Taxes $577.1 $498.9
Net Income 353.1 299.8
Memo: Depreciation Expense $1,858.4 $1,841.3
Market Share
Ford Retail & Lease United States 46.3% 45.2%
Europe 30.7 30.3
Ford Wholesale United States 87.7% 83.0%
Europe 97.0 94.8
Contract Volume - New and Used Retail/Lease (in Thousands)
United States 847 738
Europe 206 217
Other International 158 120
Total Contract Volume 1,211 1,075
Assets (in Millions)
Net Finance Receivables $114,373.9 $96,814.7
Net Investment in Operating Leases 35,517.5 35,004.7
Total Net Finance Receivables $149,891.4 $131,819.4
Other Assets 11,843.7 8,823.3
Total Assets $161,735.1 $140,642.7
Liabilities and Stockholder's Equity (in Millions)
Liabilities
Debt - Payable within one year $65,320.7 $61,870.6
Debt - Payable after one year 71,375.7 56,076.5
Total Debt $136,696.4 $117,947.1
Other Liabilities 13,092.5 11,413.9
Total Liabilities $149,788.9 $129,361.0
Minority Interests in Net Assets
of Subsidiaries 421.5 385.2
Stockholder's Equity 11,524.7 10,896.5
Total Liabilities and
Stockholder's Equity $161,735.1 $140,642.7