AP NEWS

Credit Acceptance: 2Q Earnings Snapshot

July 31, 2018

SOUTHFIELD, Mich. (AP) _ Credit Acceptance Corp. (CACC) on Tuesday reported second-quarter earnings of $151 million.

On a per-share basis, the Southfield, Michigan-based company said it had net income of $7.75. Earnings, adjusted for non-recurring gains, were $6.95 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $6.44 per share.

The auto financing company posted revenue of $315.4 million in the period.

Credit Acceptance shares have climbed 19 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $383.60, a climb of 54 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CACC at https://www.zacks.com/ap/CACC

AP RADIO
Update hourly