DETROIT (AP) — DETROIT (AP) — Ally Financial Inc. (ALLY) on Wednesday reported second-quarter net income of $294 million.
On a per-share basis, the Detroit-based company said it had profit of 86 cents. Earnings, adjusted for non-recurring costs, came to 97 cents per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The auto finance company and bank posted revenue of $2 billion in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $2.02 billion.
Ally Financial shares have climbed 27% since the beginning of the year. The stock has increased 61% 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
