Latest News by Industry
SOUTHFIELD, Mich. (AP) — SOUTHFIELD, Mich. (AP) — Credit Acceptance Corp. (CACC) on Monday reported first-quarter net income of $99.5 million.
On a per-share basis, the Southfield, Michigan-based company said it had profit of $7.61.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $10.80 per share.
The auto financing company posted revenue of $453.8 million in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $457.3 million.
Credit Acceptance shares have climbed 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $498.73, a decline of roughly 3% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CACC">Zacks stock report on CACC at https://www.zacks.com/ap/CACC