GM's Finance Arm Largely Contributes to 2004 Profits
General Motors Acceptance Corp. posted its tenth consecutive annual profit increase in 2004. GM's finance unit contributed $2.9 billion of the company's $3.6 billion profit for the year.
General Motors Acceptance Corp. posted its tenth consecutive annual profit increase in 2004. GM’s finance unit contributed $2.9 billion of the company’s $3.6 billion profit for the year.
Automotive earnings improved 12 percent for the year and were in line with the company’s forecast, reported the Fort Wayne News-Sentinel. Although earnings were up for the year, fourth-quarter profit fell about 38 percent compared to the same period in 2003.
“GMAC has done a terrific job transforming itself from an auto-finance unit into a broad-based finance services company that is focused on producing sustainable, long-term earnings,” said Rick Wagoner, GM chairman and CEO.
According to the paper’s report, GM said it expects to increase global sales volumes in 2005, generate $2 billion in operating cash flow and increase capital expenditures to about $8 billion.
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