Navient: 2Q Earnings Snapshot
WILMINGTON, Del. (AP) _ Navient Corp. (NAVI) on Tuesday reported second-quarter earnings of $153 million.
The Wilmington, Delaware-based company said it had net income of 64 cents per share. Earnings, adjusted for non-recurring costs, came to 74 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The student loan servicing company posted revenue of $1.43 billion in the period. Its adjusted revenue was $293 million, which missed Street forecasts. Three analysts surveyed by Zacks expected $299 million.
Navient shares have climbed 56% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 20%. In the final minutes of trading on Tuesday, shares hit $13.70, a fall of almost 3% in the last 12 months.