SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Wednesday reported third-quarter net income of $78.8 million.
The Southfield, Michigan-based company said it had profit of $6.35 per share.
The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $7.88 per share.
The auto financing company posted revenue of $550.3 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $542.5 million.
Credit Acceptance shares have dropped 13% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $461.93, a climb 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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