Ally Financial (NYSE:ALLY) earnings for the financial services company’s second quarter of 2020 have ALLY stock moving lower on Friday. That’s despite its adjusted earnings per share of 61 cents beating out Wall Street’s estimates of 18 cents. Its revenue of $1.61 billion is also better than analysts’ estimates of $1.5 billion.
Here’s what else is worth highlighting from Ally Financial’s Q2 earnings report.
- Adjusted per-share earnings are 37.1% worse than its 97 cents from the same time last year.
- Revenue for the quarter comes in 4% higher than the $1.55 billion reported in the second quarter of 2019.
- The Ally Financial earnings report also has it bringing in a net income of $241 million.
- That’s a 58.6% drop compared to the company’s net income of $582 million from the same period of the year prior.
Jeffrey Brown, CEO of Ally Financial, said this about the earnings results.
“Ally Bank had the strongest quarterly retail deposit growth ever, adding $9.7 billion of balances, while adding 94 thousand new customers. Our resilient and adaptable auto finance business saw meaningful improvement toward the end of the quarter, delivering $7.2 billion of consumer originations, and maintaining estimated retail auto originated yields1 above 7% for the ninth consecutive quarter, a tremendous accomplishment given the low interest rate environment.”
Ally Financial doesn’t provide guidance in its current earnings report. Nevertheless, Wall Street estimates for 2020 include adjusted EPS of 75 cents on revenue of $6 billion.
ALLY stock was down 4.7% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.