SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Monday reported third-quarter earnings of $70.8 million.
The Southfield, Michigan-based company said it had net income of $5.43 per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $6.59 per share.
The auto financing company posted revenue of $478.6 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $485.7 million.
Credit Acceptance shares have decreased 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $397.06, a drop of 16% 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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