Printer Friendly

CHRYSLER FINANCIAL REPORTS THIRD-QUARTER NET EARNINGS OF $45 MILLION

 CHRYSLER FINANCIAL REPORTS THIRD-QUARTER NET EARNINGS OF $45 MILLION
 SOUTHFIELD, Mich., Oct. 20 /PRNewswire/ -- Chrysler Financial Corporation today reported net earnings of $45 million for the third quarter of 1992, compared to $81 million for the third quarter of 1991.
 John P. Tierney, Chairman of CFC, said two factors adversely affected the 1992 third quarter results.
 "Lower levels of earning assets and increased borrowing costs under the new revolving credit agreement were the primary causes for the earnings decline," Tierney said. "These factors were partially offset by lower credit losses and reduced operating expenses."
 For the first nine months of 1992, CFC posted net earnings of $205 million, down from $238 million for the comparable period of 1991.
 At Sept. 30, 1992, CFC's gross receivables serviced were $33.4 billion, compared to $38.6 billion at Sept. 30, 1991. Total assets at the end of the 1992 third quarter were $17.9 billion, compared to $21.8 billion a year ago.
 Chrysler Credit, CFC's automotive finance subsidiary, had gross receivables serviced of $23.7 billion, compared to $26.9 billion in the same period of 1991.
 In the third quarter of 1992, Chrysler Credit financed or leased 93,401 new passenger cars and light duty trucks, which accounted for 23 percent of Chrysler's U.S. retail deliveries. In the same period of 1991, Chrysler Credit financed or leased 89,402 new vehicles or 25 percent of Chrysler's retail sales.
 Chrysler Credit also financed 302,954 vehicles or 69 percent of Chrysler's factory shipments during the third quarter, compared to 256,419 or 71 percent of factory shipments financed in the same period of 1991.
 Chrysler First, CFC's operating unit involved in direct consumer and small business lending and inventory financing of durable goods, was servicing $4.9 billion of receivables at the end of the third quarter, compared to $5.8 billion a year ago.
 Chrysler Capital, CFC's commercial leasing and lending unit, was servicing $4.8 billion of receivables at Sept. 30, 1992, compared to $5.9 billion at Sept. 30, 1991.
 Chrysler Insurance, which provides automotive and nonautomotive insurance to automotive and durable goods dealers and their customers, had direct premiums written of $96 million for the first nine months of 1992, up from $92 million for the same period a year ago.
 CFC in the third quarter sold automotive and nonautomotive receivables in five placements, resulting in net proceeds of $1.9 billion. Through the first nine months of the year, CFC had net proceeds of $5.5 billion from receivables sold in the U.S. and Canada.
 As part of Chrysler Financial's previously announced plans to sell certain nonautomotive assets of Chrysler Capital and Chrysler First, the company sold approximately 4,400 rail cars from Chrysler Rail Transportation's fleet for $143 million in the third quarter.
 Also during the quarter, CFC successfully negotiated an agreement with 152 U.S. and foreign banks to extend the maturity of its $6.8 billion of U.S. revolving credit lines.
 -0- 10/20/92
 /CONTACT: R.B. Heath of Chrysler Financial, 313-948-3890/
 (C) CO: Chrysler Financial Corporation ST: Michigan IN: AUT FIN SU: ERN


ML -- DE010 -- 2061 10/20/92 09:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1992
Words:534
Previous Article:SECOND QUARTER PROFITS MORE THAN DOUBLE AT AARON RENTS
Next Article:SPACE SHUTTLE EXPERIMENT MAY HELP PAVE THE WAY FOR FASTER COMPUTERS, BETTER MEDICINES
Topics:


Related Articles
CHRYSLER FINANCIAL CORPORATION REPORTS 1992 NET EARNINGS OF $231 MILLION
CHRYSLER FINANCIAL REPORTS NET EARNINGS OF $37 MILLION
CHRYSLER FINANCIAL ANNOUNCES 1993 THIRD QUARTER EARNINGS
CHRYSLER FINANCIAL POSTS NET EARNINGS OF $50 MILLION
CHRYSLER REPORTS SECOND-QUARTER RESULTS
CHRYSLER FINANCIAL CORPORATION REPORTS SECOND QUARTER RESULTS
CHRYSLER FINANCIAL POSTS RECORD THIRD QUARTER EARNINGS
CHRYSLER FINANCIAL POSTS RECORD EARNINGS
CHRYSLER FINANCIAL REPORTS HIGHEST EVER QUARTERLY EARNINGS
Chrysler Financial Continues Record Earnings Pace

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters