Ally Financial (NYSE:ALLY) earnings for first quarter of 2020 have ALLY stock heading lower on Monday. This comes after reporting adjusted losses per share of -44 cents. That’s nowhere close to Wall Street’s estimate for earnings per share (EPS) of 71 cents for the quarter. The bank holding company’s revenue of $1.41 billion also comes in below analysts’ estimates of $1.6 billion.
Here’s what else is worth noting from the most recent Ally Financial earnings report.
- Adjusted per-share losses are a switch from adjusted earnings per share of 80 cents from the first quarter of 2019.
- Revenue for the quarter comes in 13.48% lower than the $1.6 billion reported in the same period of the year prior.
- The Ally Financial earnings report also includes a net loss of $319 million.
- That’s a negative shift compared to the company’s net income of $374 million from the same period of the year prior.
Jeffrey Brown, chief executive officer of Ally Financial, said this about the ALLY stock earnings report:
“We are prepared for a difficult period and recessionary conditions. Our provision for loan losses reflects the tough environment ahead. However, our company, like our great nation, has proven to rise even when conditions are dark – I am a firm believer Ally will emerge even stronger post this environment and continue demonstrating our solid operational performance across our businesses.”
The Ally Financial earnings report doesn’t include its 2020 outlook. However, Wall Street is expecting adjusted EPS of $3.63 on revenue of $6.53 billion. That may change due to the economic crisis caused by the novel coronavirus.
ALLY stock was down 2.15% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.