logo
  

Ally Financial Q3 Results Top Estimates; To Buy Fair Square Financial For $750 Mln Cash -Quick Facts

Ally Financial Inc. (ALLY), a bank holding company, reported Thursday that third-quarter net income attributable to shareholders increased to $683 million or $1.89 per share from $476 million or $1.26 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $2.16 per share, compared to $1.25 per share in the prior-year quarter.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenue for the quarter grew 18 percent to $1.99 billion from $1.68 billion in the year-ago quarter. Adjusted total net revenue increased 26 percent from last year to $2.11 billion. Analysts expected revenue of $2.02 billion for the quarter.

Ally Financial said its board of directors approved a $0.25 per share common dividend for the fourth quarter of 2021.

Additionally, Ally has entered into a definitive agreement to acquire Fair Square Financial for $750 million in an all-cash transaction. The transaction, unanimously approved by Ally's board of directors, is expected to close by the end of the first quarter 2022. Ally expects thetransaction to further enhance profitability and risk-adjusted returns.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Luxury electric car maker Tesla Inc. has produced more than 3 million vehicles, of which 1 million in Shanghai Gigafactory, according to its founder and Chief Executive Officer Elon Musk. In a tweet on Sunday, Musk said, "Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M." King's Hawaiian is recalling its Pretzel Slider Buns, Pretzel Hamburger Buns and Pretzel Bites products as they contain one ingredient already recalled by Lyons Magnus, the U.S. Food And Drug Administration said. The Pretzel recall was initiated out of an abundance of caution after one of its supplier Lyons Magnus recently called back various nutritional and beverage products. German consumer goods maker Henkel AG & Co. reported Monday weak profit in its first half amid increasing costs, despite growth in sales. Further, the company maintained its adjusted earnings forecast for fiscal 2022, but raised outlook for organic sales growth.For fiscal 2022, the company continues to expect adjusted earnings per preferred share to decline in the range of 15 percent to 35 percent
RELATED NEWS
Follow RTT