Credit Acceptance (CACC) Q1 Earnings Miss on Higher Provisions

Credit Acceptance Corporation’s (CACC) first-quarter 2024 earnings of $5.08 per share missed the Zacks Consensus Estimate of$6.81. The bottom line reflects a 33.2% decline from the prior-year quarter. These figures include certain non-recurring items.Results were primarily hurt by an increase in operating expenses and higher provisions. Nevertheless, improvements in GAAP revenues and consumer loan assignment volumes were positives.Excluding non-recurring items, net income was $117.4 million or$9.28 per sh ...