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The decrease in earnings was more than explained by higher borrowing costs and higher depreciation expense for leased vehicles. The non-recurrence of losses related to market valuation adjustments from non-designated derivatives was a partial offset.
"Our first quarter results, which reflect costs associated with transforming our North American operations, are in line with our expectations," said Mike Bannister, chairman and CEO.
"By month's end, we will have integrated nearly half of our branch offices into our regional business centers, which are originating new contracts consistent with our non-integrated branches. At the same time, our collection efforts within the regional business centers continue to perform well."
On March 31, 2007, Ford Motor Credit's on-balance sheet net receivables totaled $136 billion, compared with $135 billion at year-end 2006. Managed receivables were $147 billion, compared with $148 billion on December 31.
On March 31, managed leverage was 11.2 to 1 - Ford.
Posted April 26th, 2007 by Nymphadora
