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Previous: FORD MOTOR CREDIT CO, 8-K, 2000-10-18 |
Next: FORD MOTOR CREDIT CO, 8-K, EX-99.2, 2000-10-18 |
EXHIBIT 99.1
[GRAPHIC OMITTED]
Contact: Daniel Jarvis
Ford Credit
313-594-2527
[email protected]
IMMEDIATE RELEASE
FORD CREDIT EARNS $386 MILLION IN THE THIRD QUARTER, UP 22 PERCENT
DEARBORN, Mich., October 18, 2000 -- Ford Credit earned $386 million in the
third quarter of 2000, up $69 million, or 22 percent, from third quarter
1999, Chairman and Chief Executive Officer Donald A. Winkler announced today.
Earnings for the first nine months of 2000 total $1,126 million, up 18
percent from the first nine months of 1999.
Compared with the third quarter of 1999, the increase in earnings reflects
primarily higher volume and an improved net financing margin, offset
partially by higher credit losses and operating costs associated with the
restructuring of North American operations. After-tax return on average
equity for the quarter improved to 12.9 percent from 11.4 percent a year
earlier.
"We are very pleased with our strong earnings in the third quarter. Based on
our accomplishments during the first nine months of the year, we are
confident that we will achieve our milestones for the year - 10 percent
earnings growth and improved return on equity," Winkler said. "Our record
financing volume and market share are the result of hard work by our talented
and dedicated employees."
Ford Credit's total net finance receivables increased to $157 billion at
September 30, compared with $134 billion in same period of the previous year.
Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the
world's largest automotive finance company. Now in its 41st year, Ford Credit
provides vehicle financing in 40 countries to more than 10 million customers
and 12,400 automotive dealers. More information about Ford Credit can be
found on the World Wide Web at www.fordcredit.com.
# # #
--------------------------------------------------------------------------------
Communications, Ford Motor Credit Company, The American Road, P.O. Box 1732,
Dearborn, Michigan 48121
Telephone: 313/594-1096; Fax: 313/390-2453
Internet: http://www.fordcredit.com
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
Third Quarter
----------------------------
2000 1999
---------- --------
<S> <C> <C>
Income (in Millions)
Income Before Income Taxes $ 634.3 $ 516.1
Net Income 385.5 316.9
Memo: Depreciation Expense $ 1,982.5 $ 1,864.8
Market Share
Ford Retail & Lease United States 55.8 % 52.6 %
Europe 31.2 33.3
Ford Wholesale United States 80.8 % 83.8%
Europe 96.1 96.6
Contract Volume - New and Used Retail/Lease (in Thousands)
United States 952 860
Europe 206 211
Other International 179 130
---- ----
Total Contract Volume 1,337 1,201
===== =====
Assets (in Millions)
Net Finance Receivables $ 118,929.1 $ 100,088.4
Net Investment in Operating Leases 38,442.4 33,891.0
-------- --------
Total Net Finance Receivables $ 157,371.5 $ 133,979.4
Other Assets 12,522.8 13,897.8
-------- --------
Total Assets $ 169,894.3 $ 147,877.2
========== ==========
Liabilities and Stockholder's Equity (in Millions)
Liabilities
Debt - Payable within one year $ 59,820.0 $ 61,649.0
Debt - Payable after one year 82,075.6 62,666.8
--------- ---------
Total Debt $ 141,895.6 $ 124,315.8
Other Liabilities 15,613.5 12,122.2
--------- ---------
Total Liabilities $ 157,509.1 $ 136,438.0
Minority Interests in Net Assets of Subsidiaries 401.1 408.3
Stockholder's Equity 11,984.1 11,030.9
-------- --------
Total Liabilities and Stockholder's Equity $ 169,894.3 $ 147,877.2
========== =========
</TABLE>
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