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AmeriCredit Beats on Top Line

The first quarter shows solid gains.

Automobile finance company

AmeriCredit

(ACF)

said that for its first quarter ended Sept. 30 earnings rose 37% from the year-ago period.

The company earned $74 million, or 54 cents a share, compared with $54 million, or 35 cents a share, a year ago. Analysts polled by Thomson First Call were expecting 53 cents a share.

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First-quarter revenue rose 25% to $523.6 million against analysts' expectations of $463.23 million.

The Fort Worth, Texas-based company now expects to earn $2.45 a share to $2.65 a share, in the year 2007. Analysts expect earnings of $2.51 a share.

"Our September quarter was a solid beginning to fiscal year 2007, with new loan volume and credit performance improved from a year ago," the company said. "We have further developed our core subprime business as we continued to roll out a broader credit spectrum of product offerings through our Bay View platform."

Automobile loan purchases for the quarter rose to $1.68 billion, from $1.52 billion a year ago.

This story was created through a joint venture between TheStreet.com and IRIS.