GMAC First Quarter Profits Up 8.5 Percent
First quarter 2001 earnings at General Motors Acceptance Corporation (GMAC), the financial services unit of GM, were up 8.5 percent at $431 million, compared to $397 million a year earlier.
GMAC's earnings bucked the trend at GM, with overall company earnings down 88 percent at $225 million, or 50 cents per share, in the first quarter, from $1.78 billion, or a record $2.80 per share, a year earlier.
Even with the 88 percent drop, GM beat Wall Street expectations. A sharp fall in U.S. vehicle sales and continuing weakness in Europe took their toll on the world's largest automaker.
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