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Ford Motor Credit Earns $24 Million in the First Quarter of 2008
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Posted on
Apr 24 2008 1:12 PM
by
adnana
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Ford Motor Credit Company reported net income of $24 million in the first quarter of 2008, down $169 million from earnings of $193 million a year earlier. On a pre-tax basis, Ford Motor Credit earned $36 million in the first quarter, compared with $293 million in the previous year.
The decrease in earnings primarily reflected higher provision for credit losses, higher depreciation expense for leased vehicles and higher net losses related to market valuation adjustments from derivatives. These were offset partially by lower expenses primarily related to the non-recurrence of costs associated with our North American business transformation initiative and higher financing margin.
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