Ally Financial Inc. today (Jan. 30) reported fourth-quarter net income of $181 million.
The Associated Press reported that on a per-share basis, the Detroit-based company said it had profit of 41 cents. Earnings, adjusted for one-time gains and costs, came to 70 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
The auto finance company and bank, which services the RV industry, posted revenue of $2.48 billion in the period. Its adjusted revenue was $1.47 billion, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.44 billion.
For the year, the company reported profit of $929 million, or $2.04 per share, compared to $1,037 million in the prior year. Revenue was reported as $5.77 billion.
Ally Financial shares have risen almost 4% since the beginning of the year. The stock has increased 54% in the last 12 months.
“In 2017, we successfully continued down our strategic and financial path to becoming the leading digital financial services company and delivering strong earnings growth,” stated Ally CEO Jeffrey Brown. “Operationally, we navigated shifting dynamics within the auto industry with a strong focus on credit discipline and delivering improving risk-adjusted margins. We made progress expanding our consumer and commercial product offerings across mortgage, wealth management and corporate finance and look to build scale in the coming years. Ally Bank had a record year, increasing retail deposits by $11.3 billion while adding nearly 200 thousand customers.”