Ally Financial (ALLY) Misses Q1 EPS by 2c

Ally Financial (NYSE: ALLY) reported Q1 EPS of $0.52, $0.02 worse than the analyst estimate of $0.54.

"Ally's first quarter results demonstrate the strengths of our operations, and highlight the significant progress made to further diversify and grow as a leader in digital financial services," stated Ally Chief Executive Officer Jeffrey Brown. "We remain fully committed to exploring all options to enhance shareholder value. From our announced acquisition of TradeKing, which will further expand our digital offerings, to efforts to rationalize our capital structure and pursue share repurchases and shareholder dividends, our priorities remain centered on driving enhanced returns and growing shareholder value for the long term."

Brown continued, "Ally's auto finance operation continued to post consistently strong profitability. As a result, pre-tax income was up 10 percent over last year, and risk adjusted returns far outpaced losses. This is a testament to our ability to adapt to an evolving marketplace, including expanding relationships with online auto retailers that specialize in offering used vehicles in an innovative way to a growing base of customers looking for a digital auto experience."

"The deposits business continued to show strong momentum with $3.5 billion of retail deposit growth in the quarter and over 53,000 new customers joining the Ally family – with about half of those customers being millennials," Brown explained. "We are very encouraged by the growth we are seeing in the franchise and the success of the brand in the marketplace. This is a strong foundation to build upon as we introduce additional consumer products to the portfolio later this year, such as credit card, wealth management and mortgages."

For earnings history and earnings-related data on Ally Financial (ALLY) click here.

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