Ford Motor Co. posted a pre-tax profit of $2.1 billion in the first quarter of 2013, driven by “record performance” from Ford Credit, the company said in its quarterly earnings report today. 
The captive’s pre-tax profit rose to $507 million from $452 million in 1Q12, boosted by higher receivables and positive residual performance, offset partially by lower credit loss reserve reductions. Ford Credit’s net income was $364 million last quarter, a $69 million rise from the same time period last year.
“We are pleased with our first quarter results, and we are on track for the full-year profit target we outlined previously,” Ford Credit Chairman and Chief Executive Bernard Silverstone said in an announcement.
The parent company projects Ford Credit’s yearend pre-tax profit to be similar to last year, with managed receivables ranging from $95 billion to $105 billion, and planned distributions around $200 million. The captive’s net receivables totaled $93 billion as of March 31, compared with $90 billion at yearend 2012.
