Ally Financial exceeds Q3 earnings expectations, reports $357M profit

Ally Financial (NYSE:ALLY) announced on Friday a third-quarter profit of $357 million, surpassing analysts' forecasts and reflecting strong performance in both its auto finance and banking operations.

The Detroit-based company reported earnings of $1.06 per share for the quarter.

After adjusting for non-recurring gains, earnings came to 95 cents per share, significantly outpacing Wall Street's expectations.

Analysts surveyed by Zacks Investment Research had predicted a lower earnings figure of 57 cents per share.

Ally Financial also exceeded revenue projections, posting $2.1 billion in revenue for the quarter.

Five analysts polled by Zacks had estimated $2.06 billion in revenue, marking another positive result for the company.

Meanwhile, the company's stock has performed well in 2024, rising approximately 3% since the beginning of the year and climbing 41% over the past 12 months.