The financing and information technology subsidiaries of...
The financing and information technology subsidiaries of General Motors Corp. reported record earnings for the fourth quarter Monday. GM’s electronics-defense arm said profits fell due to an accounting change.
Fourth-quarter earnings at Electronic Data Systems Corp., GM’s information technology subsidiary, were up 16.6% at $236.5 million, or 49 cents a share, from $202.9 million, or 42 cents a share, for the same period of 1993. Revenue was up 25.9% to $2.91 billion, from $2.31 billion in 1993.
For the year, EDS reported a record $821.9 million in profit, or $1.71 a share, up 13.5% from $724 million, or $1.51 a share, in 1993. Revenue rose 17.4% to $10 billion, from $8.56 billion the previous year.
The results were helped by contracts worth more than $9 billion for the year, the Plano, Tex.-based company said.
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