SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Tuesday reported second-quarter earnings of $22.2 million.
The Southfield, Michigan-based company said it had profit of $1.69 per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $9.44 per share.
The auto financing company posted revenue of $477.9 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $462.7 million.
Credit Acceptance shares have climbed 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $553.49, a decline of almost 5% 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
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