General Motors Corp. was more profitable as a bank than an automaker during first quarter 2001. Crediting strong earnings ($431 million) at General Motors Acceptance Corp. and successful cost cutting measures, GM overcame a slowing U.S. market and losses overseas to report first quarter earnings of $225 million ($0.50 per share) — twice Wall Street projections — on revenues of $42.6 billion. Earnings exclude a $12 million gain due to a change in accounting procedures on revenues of $46.9 ...
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