Quantcast FORD CREDIT EARNS $497 MILLION IN THE THIRD QUARTER OF 2010 - Ford Truck Club Forum








New Posts






FTC Toolbar

Social Sites

Log Out

Ford Truck Club Forum > GARAGE TALK > Garage Talk: General Tech Talk

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

Thread Tools Search this Thread Display Modes
Old October 28th, 2010, 05:07 PM
Bates88's Avatar
Bates88 Bates88 is offline

Join Date: Jun 2009
Location: Center of B.C
Posts: 3,280
Images: 146
Likes : 0
Liked 0 Times in 0 Posts

<p>DEARBORN, Mich., October 26, 2010 ? Ford Motor Credit Company reported net income of $497 million in the third quarter of 2010, an increase of $70 million from earnings of $427 million a year earlier. On a pre-tax basis, Ford Credit earned $766 million in the third quarter and $2.5 billion in the first nine months of 2010, compared with $677 million and $1.3 billion, respectively, in the previous year. The increase in pre-tax earnings primarily reflected a lower provision for credit losses and lower depreciation expense for leased vehicles, offset partially by lower volume and the non-recurrence of net gains related to unhedged currency exposure primarily from cross-border intercompany lending.</p>
<p>?The quality of our portfolio remains high and, linked with our solid business fundamentals, we continue to support Ford Motor Company's business with strong profits and distributions,? Ford Credit Chairman and CEO Mike Bannister said.</p>
<p>On September 30, 2010, Ford Credit?s on-balance sheet net receivables totaled $83 billion, compared with $93 billion at year-end 2009. Managed receivables were $85 billion on September 30, 2010, down from $95 billion on December 31, 2009. The lower receivables primarily reflected the transition of Jaguar, Land Rover, Mazda, and Volvo financing to other finance providers and lower industry and financing volumes in 2009 and 2010 compared with prior years.</p>
<p>On September 30, 2010, managed leverage was 6.3 to 1. Ford Credit distributed $1 billion to its parent in the third quarter of 2010 and expects to distribute $1 billion in the fourth quarter for a total of $2.5 billion of distributions in 2010.</p>
<p>Ford Credit expects profits in the fourth quarter to be lower compared with recent quarters because of smaller expected improvements in the provision for credit losses and depreciation expense for leased vehicles. For full-year 2011, Ford Credit expects to be solidly profitable but at a lower level than in 2010, reflecting primarily the non-recurrence of lower lease depreciation expense and the non-recurrence of credit loss reserve reductions of the same magnitude as 2010.</p>
<p>Source: Ford</p>
<p>To discuss this blog entry click [HERE]&lt;/p&gt;</p>

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

(View-All Members who have read this thread : 0
There are no names to display.

Similar Threads
Thread Thread Starter Forum Replies Last Post
Testing the 2011 Ford F-150's V-6 Engines in the Quarter-Mile Bates88 Garage Talk: General Tech Talk 0 October 27th, 2010 06:39 PM
Health care credit cards may only add to your pain BigT67 General Discussion
0 September 2nd, 2010 07:05 PM
Stunning 6.26 quarter on Edelbrock Nitrous! EdelbrockTV EdelbrockTV 0 February 8th, 2010 04:52 PM
Report: IRS eyes 100,000 for tax credit fraud BigT67 General Discussion
0 October 20th, 2009 10:14 AM
Ford Adds 4.5 Million Vehicles To Recall BigT67 General Discussion
2 October 15th, 2009 09:19 AM

$497 , 2010 , credit , earns , ford , million , quarter

Forum Jump

   Current Advertisers Privacy Policy FAQ Home Blog Archive Top

FordTruckClub.net is not authorized, endorsed or affiliated with the Ford Motor Company
or any of their subsidiaries. Ford® is a registered trademark of the Ford Motor Company

Powered by vBulletin® Version 3.8.6 Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.