Associates Posts Record Earnings
January 31, 2000
Associates First Capital Corp. reported record earnings for fourth quarter 1999 and the full year.
Fourth quarter net earnings were $409 million, up 23% from fourth quarter 1998. Net earnings for 1999 were $1.49 billion, up 22% from 1998 and the 25th consecutive year of increased earnings. Managed receivables at year end totaled $84 million, up 18% from 1998. Total managed assets were $95 billion.
Chairman/CEO Keith Hughes noted that growth in 1999 was strong, particularly in the second half when the company repositioned its business units to focus on high growth and return markets.
Associates recently reorganized its Transportation Finance Operations into separate branch and centralized operations to provide a stronger focus on origination and servicing and to create a more simplified systems infrastructure for an e-commerce future.