Ally Financial Q2 Profit Misses Estimates

(RTTNews) - Ally Financial Inc. (ALLY) reported second quarter adjusted EPS of $1.76 compared to $2.33, prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.86, for the quarter. Analysts' estimates typically exclude special items. Core net income to shareholders declined to $570 million from $868 million.

GAAP net income to shareholders declined to $454 million or $1.40 per share from $900 million or $2.41 per share, prior year. Net income declined as higher net financing revenue was more than offset by higher provision for credit losses, lower other revenue and higher noninterest expenses.

Adjusted total net revenue increased to $2.22 billion from $2.15 billion, last year. Analysts on average had estimated $2.19 billion in revenue.

Shares of Ally Financial are down 4% in pre-market trade on Tuesday.

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