Stock Track | Credit Acceptance Stock Plunges After Disappointing Q3 Earnings

Stock Track

Nov 01, 2024

Shares of Credit Acceptance Corp. (CACC) plummeted 8.79% on Wednesday after the company reported its third-quarter 2024 financial results. While revenue rose from the previous year, the earnings figures fell short of Wall Street's expectations, triggering a sell-off in the stock.

The subprime auto lender reported Q3 revenue of $480.6 million, up 8.2% year-over-year. However, net income declined to $144.9 million, or $10.77 per diluted share, missing analysts' estimates of $11.20 per share. The company cited higher loan loss provisions and operating expenses as factors that weighed on profitability.

Credit Acceptance's CEO Brett Roberts acknowledged the challenges faced during the quarter, stating, "While we continued to see strong demand for our lending services, the macroeconomic environment remains uncertain, impacting credit performance and operating costs." Investors reacted negatively to the weaker-than-expected earnings, leading to the sharp decline in the stock price.

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(CACC) plummeted 8.79% on Wednesday after the company reported its third-quarter 2024 financial results. While revenue rose from the previous year, the earnings figures fell short of Wall Street's expectations, triggering a sell-off in the stock.</p>\n\n<p>The subprime auto lender reported Q3 revenue of $480.6 million, up 8.2% year-over-year. However, net income declined to $144.9 million, or $10.77 per diluted share, missing analysts' estimates of $11.20 per share. The company cited higher loan loss provisions and operating expenses as factors that weighed on profitability.</p>\n\n<p>Credit Acceptance's CEO Brett Roberts acknowledged the challenges faced during the quarter, stating, \"While we continued to see strong demand for our lending services, the macroeconomic environment remains uncertain, impacting credit performance and operating costs.\" Investors reacted negatively to the weaker-than-expected earnings, leading to the sharp decline in the stock price.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CACC","symbol_name":"Credit Acceptance Corporation","start_time":0,"source_url":"","article_id":"1182752981","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1182752981","pubTimestamp":1730434720,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Credit Acceptance Corp.  plummeted 8.79% on Wednesday after the company reported its third-quarter 2024 financial results. While revenue rose from the previous year, the earnings figures fell short of Wall Street's expectations, triggering a sell-off in the stock.The subprime auto lender reported Q3 revenue of $480.6 million, up 8.2% year-over-year. However, net income declined to $144.9 million, or $10.77 per diluted share, missing analysts' estimates of $11.20 per share. The company ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"CACC":"Credit Acceptance Corporation"},"translate_title":"股票追踪第三季度盈利令人失望后信贷接受股票暴跌","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CACC":1},"content_text":"Shares of Credit Acceptance Corp. (CACC) plummeted 8.79% on Wednesday after the company reported its third-quarter 2024 financial results. While revenue rose from the previous year, the earnings figures fell short of Wall Street's expectations, triggering a sell-off in the stock.\nThe subprime auto lender reported Q3 revenue of $480.6 million, up 8.2% year-over-year. However, net income declined to $144.9 million, or $10.77 per diluted share, missing analysts' estimates of $11.20 per share. The company cited higher loan loss provisions and operating expenses as factors that weighed on profitability.\nCredit Acceptance's CEO Brett Roberts acknowledged the challenges faced during the quarter, stating, \"While we continued to see strong demand for our lending services, the macroeconomic environment remains uncertain, impacting credit performance and operating costs.\" Investors reacted negatively to the weaker-than-expected earnings, leading to the sharp decline in the stock price.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"movement","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}