Ally Financial (ALLY) Tops Q4 EPS by 9c
Ally Financial (NYSE: ALLY) reported Q4 EPS of $0.92, $0.09 better than the analyst estimate of $0.83.
- Net financing revenue of $1,140 million, up 4% YoY
- Retail auto net charge-off rate of 1.48%, down 26 bps YoY
- Consolidated net charge-off rate of 0.85%, down 16 bps YoY
- Retail deposits of $89.1 billion, up $4.5 billion QoQ and up 14% YoY
- Repurchased $309 million in common stock, with outstanding common share count decreasing 2.8% QoQ
Ally Chief Executive Officer Jeffrey Brown commented on the financial results:
"In 2018, Ally delivered strong financial and operational results while positioning the company for growth in 2019 and beyond. Our accomplishments during 2018 reflect our leading auto and deposit franchises, customer-centric product expansion initiatives, and our commitment to drive shareholder value through efficient capital management."
"Financially, Ally posted some of its strongest results since becoming a public company, with 2018 Adj. EPS1 of $3.34 and Core ROTCE1 of 12.3%. Our results were bolstered by the outstanding performance of our deposits business, which navigated a highly competitive market to grow total deposits $12.9 billion for the year, including $4.5 billion of retail deposit growth in the fourth quarter, our highest quarterly growth ever."
"We successfully returned approximately $1.2 billion of capital to shareholders in 2018 and have completed over $2.0 billion of share repurchases since the inception of our buyback program, reducing shares outstanding by more than 16% and growing Adj. TBV1 by more than $4.00 per share since the end of 2Q 2016.
"Our auto business leveraged its strong dealer relationships and leading market position to expand risk-adjusted returns on over $35 billion of consumer auto originations in 2018. Full year estimated retail auto originated yield1 increased 83 basis points year-over-year while the retail auto net charge-off rate declined 15 basis points to 1.33%."
"Overall, our ongoing momentum in diversifying our operations through growth businesses and digital product offerings, along with our strong foundation in auto finance, gives me tremendous confidence as we execute along our strategic path and drive long-term shareholder value."
For earnings history and earnings-related data on Ally Financial (ALLY) click here.