Credit Acceptance stock jumps 8% after earnings beat — loan collections back in focus
Credit Acceptance shares jumped 8.2% to $488.41 after posting adjusted quarterly EPS of $11.35, beating forecasts. Revenue rose to $579.9 million, but the company reported a moderate decline in forecasted loan collections and repurchased $191.4 million in stock. Net income for the quarter was $122 million. Management flagged weaker loan volumes and a $35.8 million contingent legal loss.