DETROIT (AP) — DETROIT (AP) — Ally Financial Inc. (ALLY) on Wednesday reported fourth-quarter net income of $108 million.
The Detroit-based company said it had profit of 26 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 78 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The auto finance company and bank posted revenue of $2.03 billion in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $2.07 billion.
For the year, the company reported profit of $668 million, or $1.80 per share. Revenue was reported as $8.18 billion.
Ally Financial shares have risen 6% since the beginning of the year. The stock has climbed 19% 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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