Global full-year pre-tax profit for Ford Credit, captive finance provider to Ford Motor Company, was $1,697m (£1,094m) for 2012.

Despite dropping 41.66% on the $2,404m profit recorded for 2011, Ford said the performance of Ford Credit was "solid" and inline with expectations published at the end of the previous year.

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Ford Credit’s pre-tax profit for the fourth quarter of 2012 was down 18.18% year-on-year to $414m, a shallower decline than the 35.87% drop recorded for the third quarter of 2012.

Finance overall

The overall financial services sector (Ford Credit plus other financial services) at Ford for 2012 was down 29.66% year-on-year to $1,710m and down 19.11% for Q4 to $419m.

Despite this, revenue from the financial services sector dropped only 4.94% year-on-year to $7.7bn, and stood at $2bn for Q4, as it had done in 2011

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Predictions made by Ford for the performance of Ford Credit in 2013 included managed receivables by the end of the year to stand between $95bn and $105bn, managed leverage ratio to be between 8:1 and 9:1 and planned distributions of $200m.

Ford overall

Ford Motor Company 2012 pre-tax profit was $8bn, down 9.1% year-on-year, with net income down 5.1% to $5.7bn.

Ford did, however, record Q4 pre-tax profit of $1.7bn, up 51.4% on Q4 2011, its highest fourth-quarter pre-tax profit for more than ten years and the company’s 14th consecutive quarter of pre-tax operating profit.

Net income for Q4 was $1.6bn, up 54.6% year-on-year.

Ford sold 5.69m new vehicles, commercial and retail, worldwide for the year, down 0.12% on 2011’s total. Europe saw the biggest year-on-year drop, 15.54%, to 1.35m vehicles, despite UK new car registrations rising 3.75% over the same period to 281,917.

By vehicle sales, Q4 also outperformed the annual average with 7.5% year-on-year growth to 1.53m units, except in Europe, which recorded a 16.37% drop in sales to 327,000 units for the quarter. This, again, was in contrast to the UK, where Ford recorded 57,548 new car registrations, a rise of 3.75%.

richard.brown@timetric.com