Either Ford Motor Credit Co. is better off than parent company Ford Motor Co. said it was just a few short months ago or else it is improving faster than expected - or a bit of both.
Ford Motor Co. Chairman Bill Ford's preferred spin was, "improving faster than expected," in a presentation for Wall Street analysts on May 15, in Dearborn, Mich.
Vice Chairman Carl Reichardt, on the other hand, said Ford Credit was in better shape than previously thought.
"Ford Credit has turned around faster than we anticipated, and we're already seeing some results," Bill Ford said. "I sleep better at night, knowing that is one land mine that's not going to blow up on us."
Ford Credit's financial health is critical to the parent company, which lost more than $5 billion in 2001. From 1997 to 2001, Ford Credit earnings made up 32 percent of Ford Motor Co.'s net income.
In the annual meeting for auto industry analysts, Bill Ford and his management team stressed progress in Ford Motor's turnaround plan, unveiled in January.