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Article: GM Reports Strong Profits, Mostly from Refinancing Mortgages.
- Article from:
- Detroit Free Press (Detroit, MI)
- Article date:
- October 16, 2003
CopyrightCOPYRIGHT 2003 Detroit Free Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jeffrey McCracken
Oct. 16--General Motors Corp. once again made little on the sale of new cars and trucks but reported stronger-than-expected profits Wednesday, due to another strong quarter of refinancing mortgages at its GMAC financial unit.
GM was upbeat about the rest of the year, saying new-vehicle incentives tailed off last quarter and could be a sign of an improving economy. GM raised slightly its full-year earnings projection.
It also said it could narrow its $19.3-billion pension deficit to about $8 billion at year's end due to billions it contributed to its pensions the last two months, plus a strong return on its fund's ...