Ally Financial meets 3Q profit forecasts
Ally Financial Inc. on Thursday reported third-quarter earnings of $268 million.
On a per-share basis, the Detroit-based company said it had profit of 47 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 51 cents per share.
The results met Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was also for earnings of 51 cents per share.
The auto finance company and bank posted revenue of $1.31 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $1.32 billion.
Ally Financial shares have dropped 12 percent since the beginning of the year. The stock has dropped almost 7 percent in the last 12 months.