DETROIT (AP) — DETROIT (AP) — Ally Financial Inc. (ALLY) on Thursday reported first-quarter net income of $157 million.
On a per-share basis, the Detroit-based company said it had profit of 42 cents. Earnings, adjusted for non-recurring costs, came to 45 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The auto finance company and bank posted revenue of $1.99 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $1.96 billion.
Ally Financial shares have climbed nearly 4% since the beginning of the year. The stock has risen 34% 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 Zacks stock report on ALLY at https://www.zacks.com/ap/ALLY