Exhibit 99.1
Contact: Daniel Jarvis
Ford Credit
313-594-2527
djarvis1@ford.com
IMMEDIATE RELEASE
FORD CREDIT EARNS $367 MILLION IN THE SECOND QUARTER
DEARBORN, Mich., July 18, 2001 - Ford Credit earned $367 million in the
second quarter of 2001, with total earnings for the first half of 2001
totaling $760 million.
Excluding adjustments related to SFAS 133 (Accounting for Derivative
Instruments and Hedging Activities), Ford Credit earned $399 million, up 3
percent from second quarter 2000 earnings of $388 million.
The $11 million increase (excluding SFAS 133) reflects primarily higher
financing volume and net margin, and improved investment and other income,
offset partially by higher credit losses. The increase in credit losses
reflects the restructuring of North American operations, changes in the
economic environment, and an increase in loss per charge-off.
After-tax return on average equity was 13 percent in the second quarter of
2001, compared with 13.4 percent in the same period a year earlier.
Excluding SFAS 133, earnings for the first half of 2001 totaled
$805 million, up 9 percent from the first half of 2000.
"We achieved earnings growth in the second quarter despite increased
challenges in the external environment," said Donald A. Winkler, Chairman
and CEO of Ford Motor Credit Company. "We continue to remain focused on
improving our core businesses - achieving solid growth and improved
efficiencies, while we keep a careful watch on the economy."
Ford Credit's total net finance receivables increased to $165.2 billion as
of June 30, 2001, compared with $156 billion in the 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 42nd year, Ford
Credit provides vehicle financing in 40 countries to more than 10 million
customers and more than 12,500 automotive dealers. More information about
Ford Credit can be found on the World Wide Web at www.fordcredit.com.
# # #
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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
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
Second Quarter
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2001 2000
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Income (in Millions)
- ------
Income Before Income Taxes $ 584.3 $ 632.1
Net Income 366.7 387.7
Memo: Depreciation Expense $ 2,250.0 $ 2,018.1
Market Share
Ford Retail & Lease United States 43.9% 47.8%
Europe 36.8 33.0
Ford Wholesale United States 86.4% 82.4%
Europe 97.3 94.8
Contract Volume - New and Used Retail/Lease (in Thousands)
- ---------------
United States 945 980
Europe 261 206
Other International 189 172
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Total Contract Volume 1,395 1,358
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Assets (in Millions)
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Net Finance Receivables $ 125,615.7 $ 119,005.8
Net Investment in Operating Leases 39,535.8 36,977.0
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Total Net Finance Receivables $ 165,151.5 $ 155,982.8
Other Assets 16,893.3 11,837.9
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Total Assets $ 182,044.8 $ 167,820.7
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Liabilities and Stockholder's Equity (in Millions)
- ------------------------------------
Liabilities
Debt - Payable within one year $ 60,091.1 $ 63,382.4
Debt - Payable after one year 93,765.0 77,571.0
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Total Debt $ 153,856.1 $ 140,953.4
Other Liabilities 16,190.4 14,709.2
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Total Liabilities $ 170,046.5 $ 155,662.6
Minority Interests in Net Assets of Subsidiaries 16.8 416.6
Stockholder's Equity 11,981.5 11,741.5
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Total Liabilities and Stockholder's Equity $ 182,044.8 $ 167,820.7
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Selected Financial Metrics Excluding SFAS 133
Income Before Income Taxes $ 635.1
Net Income 398.6
Leverage 12.2:1
Stockholder's Equity $ 12,479.2