DETROIT (AP) — DETROIT (AP) — Ally Financial Inc. (ALLY) on Thursday reported a first-quarter loss of $225 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Detroit-based company said it had a loss of 82 cents. Earnings, adjusted for non-recurring costs, came to 58 cents per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The auto finance company and bank posted revenue of $1.54 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $1.94 billion.
Ally Financial shares have fallen 11% since the beginning of the year. The stock has declined 10% 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
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