Credit Acceptance Posts $56.6 Million Q3 Loss Despite $594.6 Million Revenue

Credit Acceptance Corp. (CACC) on Thursday reported a third-quarter loss of $56.6 million, reversing a profit from the same period a year earlier. On a per-share basis, the Southfield, Michigan-based auto financing company posted a loss of $5.43. Adjusted for non-recurring costs, earnings came to $13.01 per share. Revenue for the period totaled $594.6 million. Shares of Credit Acceptance have risen 31% since the start of the year, reaching $579.05 in the final minutes of trading on Thursday, a 26% gain over the past 12 months.