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Credit Acceptance beats Street 1Q forecasts

SOUTHFIELD, Mich. (AP) _ Credit Acceptance Corp. (CACC) on Monday reported first-quarter net income of $93.3 million.

On a per-share basis, the Southfield, Michigan-based company said it had profit of $4.72.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $4.37 per share.

The auto financing company posted revenue of $262.8 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $259.2 million.

Credit Acceptance shares have declined roughly 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $206.81, a rise of slightly more than 5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CACC at https://www.zacks.com/ap/CACC

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Keywords: Credit Acceptance, Earnings Report