<p>Ally Financials (NYSE: ALLY) earnings for the first quarter of 2020 have ALLY stock position lower on Monday. This occurs after reporting adjusted loss per share of -44 cents. It is nowhere near Wall Street‘s earnings per share (EPS) estimate of 71 cents for the quarter. The bank’s holding company revenue of $ 1,410 million also comes below analysts’ estimates of $ 1.6 billion.
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Here’s what’s worth noting from the latest Ally Financial results report.
Adjusted losses per share are a transition from adjusted earnings per share of 80 cents from the first quarter of 2019. Revenue for the quarter is 13.48% lower than the $ 1.6 billion reported during the same period the year before. Ally Financial’s earnings report also includes a net loss of $ 319 million. This is a negative shift compared to the company’s net profit of $ 374 million from the same period the year before.
Jeffrey Brown, CEO of Ally Financial, said this about the ALLY share income report:
“We are prepared for a difficult period and recession. Our provision for credit losses reflects the tough environment ahead. But our company, just like our great nation, has proven to rise even when conditions are dark – I am convinced that Ally will become even stronger after this environment and continue to show our solid operational performance in our operations. ”
The Ally Financials earnings report does not include the 2020 outlook. However, Wall Street expects adjusted earnings per share of $ 3.63 on revenue of $ 6,530 million. This may change due to the economic crisis caused by the new coronavirus.
The ALLY share decreased by 2.15% as of Monday afternoon.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/ally-financial-earnings-drop-stock/.
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