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Ally Financial shares weaken as third-quarter profit falls a day after CFO departs

ally-financial-shares-weaken-as-third-quarter-profit-falls-a-day-after-cfo-departs

Ally Financial Inc. ALLY, -7.94% shares fell 6.5% in premarket trades on Wednesday after the mortgage, car loan and banking provider’s adjusted earnings per share and revenue fell short of analyst targets. Ally Financial said its third-quarter net income fell to $272 million, or 88 cents a share, from $712 million, or $1.89 a share, in the year-ago quarter. Adjusted profit fell to $1.12 a share from $2.16 a share in the year-ago quarter. Net revenue rose to $2.02 billion from $1.99 billion. The company also issued an adjusted revenue figure of $2.09 billion. Wall Street analysts expected Ally Financial to earn $1.69 a share on revenue of $2.16 billion, according to FactSet data. On Tuesday, the company said Jennifer A. LaClair has departed from her position as chief financial officer. Bradley J. Brown, corporate treasurer, has been appointed interim CFO.

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