Exhibit 99.1
Contact: Daniel Jarvis
Ford Credit
313-594-2527
djarvis1@ford.com
IMMEDIATE RELEASE
FORD CREDIT EARNS $376 MILLION IN THE THIRD QUARTER
DEARBORN, Mich., October 17, 2001 - Ford Credit earned $376 million in the
third quarter of 2001, with earnings for the first nine months of 2001
totaling $1.14 billion.
Excluding adjustments related to SFAS 133 (Accounting for Derivative
Instruments and Hedging Activities), Ford Credit earned $389 million, up 1
percent from third quarter 2000 earnings of $386 million.
The $3 million earnings increase (excluding SFAS 133) reflects primarily
higher investment and other income related to securitization, offset by
higher provisions for credit losses. Compared with the same period a year
ago, gains-on-sale of receivables are higher, reflecting Ford Credit's
increased use of securitization as a cost-effective source of funds coupled
with a falling rate environment. The increase in the provision for credit
losses reflects weakening economic conditions.
After-tax return on average equity was 12.1 percent in the third quarter of
2001, compared with 12.9 percent in the same period a year earlier. Excluding
SFAS 133, earnings for the first nine months of 2001 totaled $1.19 billion,
up 6 percent from the first nine months of 2000.
"Our results reflect our steadfast commitment to provide best-in-class
service to consumers and to our dealer-partners and our actions to be
prepared for challenging times," said Ford Credit Chairman and CEO, Donald A.
Winkler.
Ford Credit's total net finance receivables at September 30, 2001 were $150
billion, compared with $157 billion in the same period of the previous year,
reflecting higher securitization activity. Managed assets were $202 billion,
compared with $180 billion at September 30, 2000.
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.
# # #
Ford Motor Credit Company and Consolidated Subsidiaries
OPERATING HIGHLIGHTS
Third Quarter
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2001 2000
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Income (in Millions)
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Income Before Income Taxes $ 598.3 $ 634.3
Net Income 375.6 385.5
Memo: Depreciation Expense $ 2,219.4 $ 1,982.5
Market Share
Ford Retail & Lease United States 52.0% 55.8 %
Europe 38.9 32.0
Ford Wholesale United States 84.7 % 80.8 %
Europe 97.4 98.6
Contract Volume - New and Used Retail/Lease (in Thousands)
---------------
United States 983 952
Europe 251 206
Other International 178 179
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Total Contract Volume 1,412 1,337
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Assets (in Millions)
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Net Finance Receivables $ 109,754.0 $ 118,929.1
Net Investment in Operating Leases 40,273.6 38,442.4
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Total Net Finance Receivables $ 150,027.6 $ 157,371.5
Other Assets 24,290.0 12,522.8
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Total Assets $ 174,317.6 $ 169,894.3
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Memo: Managed Receivables $ 201,844.6 $ 179,879.5
Liabilities and Stockholder's Equity (in Millions)
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Liabilities
Debt - Payable within one year $ 50,070.0 $ 59,820.0
Debt - Payable after one year 96,284.3 82,075.6
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Total Debt $ 146,354.3 $ 141,895.6
Other Liabilities 15,600.0 15,613.5
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Total Liabilities $ 161,954.3 $ 157,509.1
Minority Interests in Net Assets of Subsidiaries 17.1 401.1
Stockholder's Equity 12,346.2 11,894.1
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Total Liabilities and Stockholder's Equity $ 174,317.6 $ 169,894.3
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Selected Financial Metrics Excluding SFAS 133
Income Before Income Taxes (in Millions) $ 618.6
Net Income (in Millions) 388.5
Leverage 11.0:1
Stockholder's Equity (in Millions) $ 12,961.7