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Ally Financial (ALLY) Beats on Q2 Earnings & Revenues
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Have you been eager to see how Ally Financial Inc. (ALLY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Detroit, Michigan-based automotive financial services company’s earnings release this morning:
An Earnings Beat
Ally Financial came out with adjusted earnings of 54 cents per share, surpassing the Zacks Consensus Estimate of 52 cents.
Improved revenues were largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Ally Financial depicted a bearish stance to the earnings release. The Zacks Consensus Estimate has declined nearly 2% over the last 30 days.
However, Ally Financial has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 0.27%.
Ally Financial posted total net revenues of $1.36 billion, which outpaced the Zacks Consensus Estimate of $1.33 billion.
Key Developments
Consumer auto originations of $9.4 billion
Retail deposit growth of 18% to $61.2 billion
Net financing revenue of $998 million, up 8%
Initiating capital deployment plans: $700 million share repurchase program and first quarterly dividend of 8 cents per share
High-cost preferred dividends removed with the redemption of all remaining Series A Preferred Stock
Completed TradeKing acquisition
Launched Ally CashBack Credit Card
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Ally Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Ally Financial earnings report!
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Ally Financial (ALLY) Beats on Q2 Earnings & Revenues
Have you been eager to see how Ally Financial Inc. (ALLY - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Detroit, Michigan-based automotive financial services company’s earnings release this morning:
An Earnings Beat
Ally Financial came out with adjusted earnings of 54 cents per share, surpassing the Zacks Consensus Estimate of 52 cents.
Improved revenues were largely responsible for earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate revisions for Ally Financial depicted a bearish stance to the earnings release. The Zacks Consensus Estimate has declined nearly 2% over the last 30 days.
However, Ally Financial has a decent earnings surprise history. Before posting the earnings beat in Q2, the company delivered positive surprises in three of the trailing four quarters, with an average beat of 0.27%.
ALLY FINANCIAL Price and EPS Surprise
ALLY FINANCIAL Price and EPS Surprise | ALLY FINANCIAL Quote
Revenues Surpass Expectations
Ally Financial posted total net revenues of $1.36 billion, which outpaced the Zacks Consensus Estimate of $1.33 billion.
Key Developments
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Ally Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Ally Financial earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>