Ally Financial Q1 Profit Tops Estimates

(RTTNews) - Ally Financial Inc. (ALLY) reported that its first-quarter net income attributable to shareholders declined to $627 million from $796 million, a year ago, as higher net financing revenue was more than offset by higher provision for credit losses, higher noninterest expenses and lower other revenue. GAAP earning per share was $1.86 compared to $2.11.

First quarter adjusted EPS declined to $2.03 from $2.09, prior year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $1.94, for the quarter. Analysts' estimates typically exclude special items. Core net income to shareholders declined to $687 million from $790 million.

GAAP total net revenue increased to $2.14 billion from $1.94 billion, prior year. Adjusted total net revenue increased to $2.21 billion from $1.93 billion. Analysts on average had estimated $2.13 billion in revenue.