Credit Acceptance: Q2 Earnings Snapshot
SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Wednesday reported a second-quarter loss of $47.1 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Southfield, Michigan-based company said it had a loss of $3.83.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $7.20 per share.
The auto financing company posted revenue of $538.2 million in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $523.7 million.
Credit Acceptance shares have climbed nearly 8% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $574.90, an increase of slightly more than 3% 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 CACC at https://www.zacks.com/ap/CACC