GE Money and GE Commercial Finance, two of the company’s segments in the powersports industry, improved revenue and profit in 2007 compared to the previous year, according to the company’s year-end report.
GE Money, which provides lending and financial services in more than 20 industries, increased its year-end revenue to $25 billion, a 26 percent jump over the previous year. Its profit of $4.2 billion represented a 31 percent increase over 2006.
“Our financial services businesses performed well in an extremely violatile market,” GE CEO Jeff Immelt said in a press release. “GE Money had 7 percent earnings growth with excellent global performance offsetting challenges in the U.S. market.”
GE Commercial Finance, which includes Franchise Finance that has been a player in a number of dealership acquisitions, also saw year-over-year increases. Its revenue rose 11 percent over last year and its net profit increased 14 percent to more than $6 billion.
Overall, GE reported full-year revenue of $173 billion, up 14 percent over a year ago.Click here for reuse options!
Copyright 2008 Powersports Business