Sallie Mae beats 3Q profit forecasts
NEWARK, Del. (AP) — SLM Corp. (SLM) on Wednesday reported third-quarter net income of $45.7 million.
On a per-share basis, the Newark, Delaware-based company said it had profit of 9 cents. Earnings, adjusted for non-recurring costs, were 10 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The student loan company posted revenue of $175.4 million in the period.
Sallie Mae expects full-year earnings to be 58 cents per share.
Sallie Mae shares have declined 31 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $7.06, a drop of 20 percent in the last 12 months. In after-hours trading, the stock shed 3 cents to $7.03.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLM at http://www.zacks.com/ap/SLM
Keywords: Sallie Mae, Earnings Report