Ally Financial (NYSE:ALLY) shares up 8.8% in early trading Friday after bank and auto lender Q4 results beat expectations on Wall Street as turned its insurance operations into a profit in the quarter.
Q4 adjusted EPS of $1.08, vs. $1.01 consensus, down from $1.12 in Q3 and from $2.02 in Q4 2021.
Q4 revenue was $2.20B vs. $2.06B deal, up from $2.02B in the first quarter and $2.20B from last year.
Auto sales rose to $9.2B from $12.3B in Q3.
Investment income was $1.67B vs. $1.72B in the first quarter and up from $1.65B a year ago.
The underlying return on equity was 17.6% vs. 17.2% in Q3 and 22.1% last year.
Provisions for loans were $490M, up from $438M in the first quarter and $210M in the year-ago quarter.
Non-interest expense was $1.27B up from $1.16B in Q3 and $1.09B in Q4 2021.
Auto Finance revenue was $437M vs. $488M in the first quarter and $839M last year.
Income before insurance taxes was $101M vs. $30M loss in Q3 and revenue of $91M in Q4 2021.
The Company’s pre-tax income was $67M vs. $91M in the first quarter and $73M in the year-ago quarter.
Meeting call at 9:00 AM ET.
First, Ally Financial (ALLY) non-GAAP EPS of $1.08 down $0.07, revenue was down $2.2B to $140M