Ford Credit Profit Up 15 Percent in First Quarter
Ford Credit earned $406 million in the first quarter of 2001, up 15 percent from $353 million a year ago.
Results were up primarily because of higher financing volume while improvements in investment and other income offset higher credit losses mainly associated with the restructuring of North American operations and lower net financing margins.
Ford Credit's profits were a bright note for Ford Motor Company, despite the fact that first quarter 2001 profits for the company as a whole were down 49 percent at $1.13 billion, or 60 cents per share, cmopared with $1.93 billion, or 90 cents a share, in the first quarter of 2000.
First quarter automotive profit was down about half to $748 million from $1.55 billion a year ago, primarily because of lower volumes in North America.
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