Shares of Associates First Capital Corp. fell nearly 3% Tuesday to $47.50, despite an on-target earnings release.

Analysts shrugged off the dip, attributing it to profit taking and confusion resulting from the acquisition of Avco Financial, which closed in January.

For the quarter that ended March 31, Associates reported a 20% increase in net earnings, to $336.8 million, or $0.46 cents a share. Managed receivables increased 25% from a year earlier, to $76.6 billion. Delinquencies increased to 2.70% of the company's portfolio, up 52 basis points from a year earlier.

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