UPDATE 1-Credit Acceptance Q1 profit trails Street

Thu Apr 29, 2010 5:04pm EDT

* Q1 adj EPS $1.12 vs est $1.16

* Expenses jump 21 pct

April 29 (Reuters) - Auto lender Credit Acceptance Corp (CACC.O) posted a quarterly profit that trailed Wall Street estimates on higher expenses.

For the first quarter, net income rose to $32.0 million, or $1.01 a share, compared with $29.0 million, or 93 cents a share, a year ago.

Excluding items, the company earned $1.12 a share.

Analysts on average had expected earnings of $1.16 a share, according to Thomson Reuters I/B/E/S.

Expenses rose 21 percent to $50.8 million.

Shares of the company closed at $46.75 Thursday on Nasdaq. (Reporting by Jochelle Mendonca in Bangalore; Editing by Anne Pallivathuckal)

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