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Article: Ford Motor Credit Reports First Quarter 2009 Preliminary Results*.
- Article from:
- PR Newswire
- Article date:
- April 24, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DEARBORN, Mich., April 24 /PRNewswire-FirstCall/ -- Ford Motor Credit Company reported a net loss of $13 million in the first quarter of 2009, a decrease of $37 million from net income of $24 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $36 million in the first quarter, compared with earnings of $32 million in the previous year.
The decrease in pre-tax earnings primarily reflected lower volume and a higher provision for credit losses, offset partially by lower depreciation expense for leased vehicles and lower net losses related to market valuation adjustments to derivatives. Lower operating costs were offset partially by ...