Ally Financial Q2 Profit Declines, But Beats Estimates

(RTTNews) - Financial services company Ally Financial Inc. (ALLY) Wednesday reported a profit of $301 million or $0.99 per share for the second quarter, lower than $454 million or $1.40 per share a year ago, driven by lower financing revenue, higher provision for credit losses, and higher noninterest expenses.

Excluding one-time items, earnings were $0.96 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.92 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter was $2.079 billion compared with $2.076 billion last year. The consensus estimate was for $2.09 billion.

Net financing revenue was $1.6 billion, down $191 million year over year, while provision for credit losses increased $123 million year over year to $427 million.