Subprime auto lender
first-quarter earnings beat analysts' expectations, due in part to cost-cutting, but the quarter's results came in 11% lower than last year.
The company reiterated that it expects a loss in its second quarter due to a change in accounting principles.
The company earned $70.2 million, or 81 cents a share, in the latest quarter compared with $78.7 million, or 88 cents a share, last year. Analysts were expecting the company to earn 62 cents a share.
Revenue was $335.8 million, compared with $277.8 million a year earlier.
The Fort Worth, Texas-based company said automobile loan purchases were $2.42 billion in the quarter, up 19% from last year's $2.04 billion.
AmeriCredit said in September that it expects to lose between $5 million and $10 million in the second quarter because of dropping gain-on-sale accounting in favor of "on-balance sheet financing to make it easier for all our stakeholders to understand our business."
Full-year earnings are expected to be between $160 million and $170 million. Analysts expect the company to earn 64 cents a share.
Shares of AmeriCredit closed at $7.45 Tuesday on the
New York Stock Exchange