Ford Motor Company’s 2004 results received a massive boost from its finance operations. Ford Motor Credit Company reported record net income of $2.9 billion in 2004, up $1.1 billion from earnings of $1.8 billion a year earlier. On a pre-tax basis from continuing operations, Ford Motor Credit earned $4.4 billion in 2004, compared with $3.0 billion in the previous year. The increase in earnings primarily reflected improved credit loss performance and leasing results.
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“Thanks to good progress on a number of key business drivers, especially credit loss and lease residual performance, we posted record earnings for the second consecutive year,” said Mike Bannister, chairman and CEO. “We expect to generate strong earnings in 2005; however, the record pace of 2004 will not continue.”
On December 31, 2004, Ford Motor Credit’s on-balance sheet receivables totalled $133 billion, compared with $128 billion on December 31, 2003. Managed receivables were $168 billion, down $7 billion from $175 billion in 2003, primarily reflecting lower retail and operating lease financing.
Ford Motor Credit paid dividends of $900 million during the fourth quarter and $4.3 billion for the full year. On December 31, managed leverage was 13.7 to 1.
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