DEARBORN, Mich. — Although its net income grew in the fourth quarter, Ford Motor Credit revealed Friday that its 2011 net income softened slightly from what it compiled a year earlier.

Executives reported their net income settled at $1.8 billion in 2011, compared with $2 billion during the previous year.

On a pre-tax basis, Ford Credit said it generated $2.4 billion in 2011, down from $3.1 billion in the previous year.

The company insisted the decrease in pre-tax earnings is more than explained by fewer leases being terminated and the related vehicles sold at a gain and lower credit loss reserve reductions.

Looking at just the fourth quarter, Ford Credit's net income came in at $611 million, an increase of $244 million from a year earlier.

Executives attributed the increase to a favorable, one-time, non-cash item recorded in the quarter related to Ford Credit's net deferred tax liability.

On a pre-tax basis, Ford Credit earned $506 million during the fourth quarter, off from the $572 million recording during the closing quarter of 2010.

The company acknowledged the decrease in pre-tax earnings stemmed from fewer leases being terminated and the related vehicles sold at a gain.

"Our results in 2011 were strong and, as planned, we provided substantial distributions to Ford," Ford Credit chairman and chief executive officer Mike Bannister declared.

"We remain committed to Ford's growth plans through support of the company, our dealers and customers," Bannister continued.

As of Dec. 31, Ford Credit determined its net receivables totaled $83 billion, compared with $81 billion at year-end of 2010.

The company said its managed receivables were $85 billion on Dec. 31, up from $83 billion on the same date in 2010.

Furthermore, executives mentioned their managed leverage was 8.3 to 1, up from 6.7 to 1 at Dec. 31, 2010. 

Also, Ford Credit pointed out it distributed $300 million to its parent in the fourth quarter for a total of $3 billion of distributions in 2011.

For full-year 2012, Ford Credit highlighted that it expects to be solidly profitable but at a lower level than 2011.

In addition, the company is projecting to pay distributions of between $500 million and $1 billion to its parent in 2012. 

And by the end of this year, executives think their managed receivables are anticipated to be in the range of $85 billion to $95 billion.