SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Thursday reported second-quarter net income of $87.4 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Southfield, Michigan-based company said it had profit of $7.42. Earnings, adjusted for non-recurring costs, came to $8.56 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 $9.84 per share.
The auto financing company posted revenue of $583.8 million in the period.
Credit Acceptance shares have climbed nearly 5% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $492.32, a drop of 14% 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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