Ally Financial Inc. ALLY stock rallied more than 20% on Friday to close above $31 a share for the first time since September, after the car and mortgage financing company beat Wall Street’s fourth-quarter earnings estimates and said it would surpass 2023 profit forecasts as well. The company earned $1.08 a share in the fourth quarter, ahead of the analyst estimate of 97 cents a share, with revenue of just under $2.20 billion, ahead of the estimate of $2.06 billion, according to estimates compiled by FactSet. Ally Financial said in its quarterly conference call with analysts that it expects 2023 adjusted earnings of about $4 a share, ahead of the expectation of $3.77 a share.
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