SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Wednesday reported fourth-quarter profit of $93.6 million.
The Southfield, Michigan-based company said it had net income of $7.29 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $4.52 per share.
The auto financing company posted revenue of $491.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $478.8 million.
For the year, the company reported profit of $286.1 million, or $21.99 per share. Revenue was reported as $1.9 billion.
Credit Acceptance shares have risen slightly more than 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $540, an increase of 17% in the last 12 months.
_____
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
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.