RTTNews | Apr 16, 2021 10:23AM EDT

10:22 Friday, April 16, 2021 (RTTNews.com) - Shares of Ally Financial Inc. (ALLY) reached an all-time high of $49.49 Friday morning, after the company reported better-than-expected results for the first quarter.

ALLY is currently trading at $48.42, up 76 cents or 1.55% with trading volume of over 1.91 million versus an average volume of 4.26 million shares.

The company reported first-quarter net income attributable to shareholders of $796 million or $2.11 per share, compared to a net loss of $319 million or $0.85 per share in the year-ago quarter.

The increase in net income reflects a $13 million provision benefit in the quarter compared to a $903 million provision expense for credit losses in the prior year period, as well as higher other revenue and higher net financing revenue.

Excluding items, adjusted earnings for the quarter were $2.09 per share, compared to adjusted loss per share of $0.44 per share in the prior-year quarter. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenue grew 37% to $1.94 billion from $1.41 billion in the year-ago quarter. Adjusted total net revenue increased 20% from last year to $1.93 billion. Analysts expected revenue of $1.74 billion for the quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3185676/stock-alert-ally-financial-shares-reach-all-time-high-on-upbeat-q1.aspx)

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