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S&P 500 (NYSE:SPY) component SLM Corporation (NYSE:SLM) reported its results for the first quarter. SLM originates, services and collects student loans. It provides funding, delivery and servicing support for education loans in the United States.
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SLM Earnings Cheat Sheet for the First Quarter
Results: Net income for SLM Corporation fell to $112 million (21 cents per share) vs. $174.7 million (32 cents per share) a year earlier. This is a decline of 35.9% from the year-earlier quarter.
Actual vs. Wall St. Expectations: SLM Corporation reported adjusted net income of 55 cents per share. By that measure, the company beat the mean estimate of 52 cents per share.
Quoting Management: “This quarter’s results continue a trend of earnings growth and credit quality improvement,” said Albert L. Lord, vice chairman and CEO. “The success of our customers continues to drive our business, and business is better.”
The company has now beaten estimates the last two quarters. In the fourth quarter of the last fiscal year, it topped expectations with net income of 51 cents versus a mean estimate of net income of 50 cents per share.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 53 cents per share from 51 cents. The average estimate for the fiscal year is $2.12 per share, a rise from $2.03 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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