Ford Credit first quarter 2002 earnings of $US256 million were down $137 million (35 percent) from earnings of $393 million in the same period a year ago. Excluding favourable adjustments related to SFAS No. 133 (Accounting for Derivative Instruments and Hedging Activities), Ford Credit earned $242 million and results were down $164 million on Q1, 2001. First quarter 2002 earnings were up $236 million compared with the fourth quarter of 2001 of $6 million excluding unusual items.