AmeriCredit Beats Targets

Several one-off items helped AmeriCredit's(ACF Quote) earnings exceed analysts' expectations for its fiscal third quarter.

For the three months ending on March 31, the subprime auto finance company's profit rose to $104 million, or 80 cents a share, from $87 million, or 60 cents a share, a year earlier. Revenue rose 35% to $615 million.

But AmeriCredit's profit included a $10 million after-tax gain ($16 million before taxes), or 8 cents a share, related to the sale of its investment in DealerTrack and a $21 million gain, or 16 cents a share, adjustment to reserves for contingent tax positions, it said. ...