DETROIT (AP) _ Ally Financial Inc. (ALLY) on Friday reported fourth-quarter earnings of $278 million.

The Detroit-based company said it had net income of 83 cents per share. Earnings, adjusted for non-recurring costs, came to $1.08 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.

The auto finance company and bank posted revenue of $2.2 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $2.04 billion.

For the year, the company reported profit of $1.71 billion, or $5.03 per share. Revenue was reported as $8.43 billion.

Ally Financial shares have risen 7% since the beginning of the year. The stock has dropped 47% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ALLY at https://www.zacks.com/ap/ALLY

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News