Ally Financial (ALLY) Q2 FY2024 earnings: revenue $2.0 billion, down 2.7% on the year

Ally Financial Inc. (ALLY) reported revenue of $2.0 billion for Q2 FY2024, the quarter ended 30 June 2024, down 2.7% on the same quarter a year earlier. Net income was $219 million, down 29.6% on the year, and diluted earnings per share $0.86. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2024.

Revenue$2.0 billiondown 2.7%

Net income$219 milliondown 29.6%

Diluted EPS$0.86

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,022	1,998	n/a	n/a
Interest expense	n/a	1,922	n/a	n/a
Pre-tax income	279	183	n/a	n/a
Income tax	60.0	40.0	n/a	n/a
Effective tax rate	21.5%	21.9%	n/a
Net income	219	143	n/a	n/a
Net margin	10.8%	7.2%	n/a
Diluted EPS	$0.86	$0.42	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,575	1,266	n/a	n/a
Cash from investing	-1,107	3,576	n/a	n/a
Cash from financing	-982	-3,638	n/a	n/a
Depreciation and amortisation	294	310	n/a	n/a
Buybacks	1.0	29.0	n/a	n/a
Dividends paid	91.0	97.0	n/a	n/a
Dividend per share	$0.30	$0.30	n/a	n/a
Diluted shares, weighted	310m	308m	n/a	n/a
Shares outstanding at period end	305m	304m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	13,851	13,657	n/a	n/a
Deposits	152,154	155,084	n/a	n/a
Short-term borrowings	3,122	0.0	n/a	n/a
Debt	15,979	17,011	n/a	n/a
Other liabilities	7,425	7,125	n/a	n/a
Total liabilities and equity	192,531	192,877	n/a	n/a
Fixed assets	1,272	1,270	n/a	n/a
Goodwill	669	669	n/a	n/a
Intangible assets	62.0	67.0	n/a	n/a
Securities held for sale or to maturity	27,748	28,339	n/a	n/a
Loans	135,211	134,410	n/a	n/a
Cash and equivalents	7,369	8,153	n/a	n/a
Other assets	20,200	19,969	n/a	n/a
Total assets	192,531	192,877	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,968	2,067	1,998	2,022	2,135	2,026	1,541	2,082	2,168	2,123	2,102	2,286
Interest expense	1,850	1,908	1,922	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	228	64.0	183	279	265	109	-284	436	513	386	400	537
Tax rate	-22%	16%	22%	22%	25%	0%	n/a	19%	22%	15%	20%	24%
Net income	285	62.0	143	219	198	108	-225	352	398	327	319	410
Net margin	14%	3%	7%	11%	9%	5%	-15%	17%	18%	15%	15%	18%
Diluted EPS	$0.88	$0.16	$0.42	$0.86	$1.06	n/a	-$0.82	$1.04	$1.18	$0.97	$0.93	$1.18
Operating cash flow	1,660	-17.0	1,266	1,575	992	620	940	947	1,202	640	1,371	1,353
Buybacks	0.0	4.0	29.0	1.0	1.0	7.0	34.0	1.0	1.0	23.0	147	148
Dividends paid	90.0	91.0	97.0	91.0	92.0	92.0	100	92.0	93.0	94.0	102	92.0
Shares outstanding	302m	302m	304m	305m	305m	305m	307m	308m	308m	308m	307m	305m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 5 August 2024, accession 0000040729-24-000018: the filing on EDGAR. All of Ally Financial Inc.'s filings: EDGAR company page.

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