DETROIT (AP) — DETROIT (AP) — Ally Financial Inc. (ALLY) on Wednesday reported first-quarter profit of $319 million.
The Detroit-based company said it had profit of 96 cents per share. Earnings, adjusted for non-recurring gains, came to 82 cents per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.
The auto finance company and bank posted revenue of $2.1 billion in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $2.05 billion.
Ally Financial shares have risen almost 10% since the beginning of the year. The stock has declined 39% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a ALLY">Zacks stock report on ALLY at https://www.zacks.com/ap/ALLY