GMAC says on track to exceed 2005 earnings target

Newswire

DETROIT, July 27 (Reuters) - The finance arm of General Motors Corp. on Wednesday said it was on track to exceed its full-year earnings target of $2.5 billion despite lower expected profits from its financing operations. Improved earnings from GMAC's mortgage and insurance operations will offset weaker profits from financing, which have been hurt by lower net interest margins, GMAC said in a statement. The statement, issued ahead of a conference call hosted by GMAC Chairman Eric ...

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