Thu, Jul 25, 10:05 AM (44 days ago)
For the second quarter of 2024, Ford Motor Credit Company LLC reported a net income of $255 million, down from $286 million in Q2 2023. Total financing revenue increased to $3.187 billion, up from $2.673 billion in the same period last year. The net financing margin improved to $677 million from $588 million. However, operating expenses and provisions for credit losses both rose, with credit losses jumping to $95 million from $40 million. The company's total assets increased slightly to $150.627 billion, with net receivables growing to $137.7 billion. Despite higher financing margins and volumes, higher credit losses and operating expenses impacted overall profitability. The liquidity position remained strong with $28.3 billion in net liquidity, and the financial statement leverage ratio was at 9.6:1. The company expects full-year 2024 EBT to be around $1.5 billion.