Ally Financial Inc (NYSE:ALLY) Edges Up Pre-Market on Swing to Higher-Than-Expected Q2 Profit

Ally Financial Inc (NYSE:ALLY) shares edged higher in Tuesday’s pre-market session, after the automotive-financial-services company reported it swung to a higher-than-expected Q2 profit. ALLY was up 1.6% at $24.40 in recent pre-market trading, in a 52-week range of $23.09 to $27.90.

The company posted Q2 net income of $323 million, or $0.54 per share, compared with a prior-year net loss of $927 million, or $2.73 per share. On an adjusted basis, it earned $0.42 per share in the latest quarter, compared with a year-earlier loss of $0.13 per share. Analysts were expecting a profit of $0.33 per share on average for the latest quarter.

Core pretax income, excluding repositioning items, jumped to $417 million, from $211 million a year earlier. Net financing revenue climbed 32%.

“Ally’s second-quarter results demonstrate clear progress in our key objectives to improve profitability and drive value for our shareholders,” said CEO Michael A. Carpenter. “Our core auto finance franchise had an outstanding quarter, posting the second highest level of consumer auto originations in Ally’s history.”