Ally Financial: Q2 Earnings Snapshot
DETROIT (AP) _ Ally Financial Inc. (ALLY) on Tuesday reported second-quarter earnings of $900 million.
On a per-share basis, the Detroit-based company said it had profit of $2.41. Earnings, adjusted for non-recurring gains and to account for discontinued operations, came to $2.33 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.55 per share.
The auto finance company and bank posted revenue of $2.09 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.87 billion.
Ally Financial shares have risen 35% since the beginning of the year. The stock has more than doubled in the last 12 months.