Investing
Ally Financial shares rebound after a 2% drop due to Q1 EPS miss
© Reuters Ally Financial shares rebound after a 2% drop due to Q1 EPS miss
By Davit Kirakosyan
Ally Financial (NYSE:) shares dropped more than 2% in the morning after the company reported its Q1 results, but recovered during the day and are currently trading nearly 3% higher.
was $0.82, worse than the consensus estimate of $0.86. Revenue came in at $2.1 billion, compared to the consensus estimate of $2.07B.
Net financing revenue totaled $1.6B, representing a year-over-year decrease of $91 million. This decline was primarily attributable to elevated funding costs resulting from the rapid increase of short-term rates. However, this was partially offset by the strength of auto pricing, floating rate assets, and growth in unsecured products.
“Ally’s operating results amid this dynamic macro environment highlight the continued strength of our franchises,” said CEO Jeffrey Brown, adding that the company maintains healthy levels of liquidity, capital and reserves, positioning it well for a variety of outcomes ahead.
The company generated the highest quarterly customer growth on record with 126,000 net new customers. Retail deposit customers grew 12% year-over-year to 2.8M.
Furthermore, the company declared a quarterly dividend of $0.30 per share, or $1.2 annualized, with an annual yield of 4.4%.
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