DETROIT (AP) _ Ally Financial Inc. (ALLY) on Tuesday reported fourth-quarter net income of $248 million, after reporting a loss in the same period a year earlier.
The Detroit-based company said it had net income of 52 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The auto finance company and bank posted revenue of $2.46 billion in the period. Its adjusted revenue was $1.37 billion, which met Street forecasts.
For the year, the company reported net income of $1.07 billion, or $2.15 per share, swinging to a profit in the period. Revenue was reported as $5.44 billion.
Ally Financial shares have risen 3.5 percent since the beginning of the year. The stock has increased 28 percent in the last 12 months.
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