Credit Acceptance: 1Q Earnings Snapshot
SOUTHFIELD, Mich. (AP) _ Credit Acceptance Corp. (CACC) on Monday reported first-quarter earnings of $164.4 million.
The Southfield, Michigan-based company said it had profit of $8.65 per share. Earnings, adjusted for non-recurring gains, came to $8.08 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $7.93 per share.
The auto financing company posted revenue of $353.8 million in the period.
Credit Acceptance shares have increased 30% since the beginning of the year. In the final minutes of trading on Monday, shares hit $497.86, an increase of 51% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CACC at https://www.zacks.com/ap/CACC