UPDATE 1-AmeriCredit's Q3 profit falls 63 pct
(Recasts; adds details)
April 24 (Reuters) - U.S. auto-finance company AmeriCredit Corp ACF.N posted a 63 percent fall in quarterly profit on higher restructuring charges and provision for bad loans.
The Fort Worth, Texas-based company reported third-quarter net income of $38.2 million, or 31 cents a share, compared with $103.7 million, or 80 cents a share, a year ago.
Revenue rose about 4 percent to $638.7 million.
Analysts expected the company to earn 21 cents a share, excluding special items, on revenue of $635.7 million, according to Reuters Estimates.
Restructuring charges rose to $9.2 million from $757,000, while provision for loan losses increased 33 percent to $250.7 million in the quarter.
Automobile loan purchases dropped 47 percent to $1.33 billion in the quarter.
Shares of AmeriCredit, which competes with Credit Acceptance Corp (CACC.O: Cotización), Capital One Financial Corp (COF.N: Cotización) and Consumer Portfolio Services Inc (CPSS.O: Cotización), have lost more than half of their value in the last 52 weeks.
AmeriCredit shares closed at $11.80 Thursday on the New York Stock Exchange. (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Himani Sarkar)
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