Ally Financial Inc ALLY shares are trading lower Tuesday after the company reported worse-than-expected earnings results.
Ally reported second-quarter revenue of $2.22 billion, which beat the estimate of $2.19 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.76 per share, which missed the estimate of $1.86 per share.
Ally said higher net financing revenue was more than offset by higher provision for credit losses, other lower revenue and higher noninterest expenses.
“Despite macro headwinds and market uncertainty, Ally delivered strong operational results again this quarter, including net financing revenues growing for the eighth consecutive quarter and net interest margin exceeding four percent for the first time in company history," said Jeffrey Brown, CEO of Ally.
Ally is a diversified financial services firm that services automotive dealers and their retail customers.
ALLY Price Action: Ally has a 52-week high of $56.28 and a 52-week low of $31.66.
The stock was down 2.31% at $33.79 at time of publication.
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