Ford Motor Credit Company reported a pre-tax profit of $368 million for the fourth quarter of 2013, representing a $46 million decrease on an annual basis.
The drop in pre-tax profit, according to Ford, “reflects unfavorable residual performance related to lower auction values and lower financing margin, both in North America, as well as credit loss reserve changes”. Partially offsetting the unfavorable results is a higher (sales) volume.
Additionally, The Blue Oval’s financing arm reported a net income of $568 million, an increase of $300 million on an annual basis.
“The increase is primarily explained by a reduction in its tax liability resulting from favorable one-time tax items recorded in the quarter”, according to a Ford news release.
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