SLM Corp. Earnings Cheat Sheet: Loss Narrows

S&P 500 (NYSE:SPY) component SLM Corporation (NYSE:SLM) reported its results for the third 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 Third Quarter

Results: Loss narrowed to $47 million (loss of 10 cents per diluted share) from $494.9 million (loss of $1.06 per share) in the same quarter a year earlier.

Actual vs. Wall St. Expectations: SLM reported adjusted net income of 36 cents per share. By that measure, the company fell in line with the mean estimate of 36 cents per share.

Quoting Management: “I am pleased by the strong growth in assets,” said Albert L. Lord, vice chairman and CEO, Sallie Mae. “Loan portfolio quality continues to improve, though the economic slump and long-term unemployment have reduced default recoveries, keeping us at conservative reserve levels.”

Key Stats:

The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the second quarter, it topped the mark by 6 cents, and in the first quarter, it was ahead by 7 cents.

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 fourth quarter has risen to 50 cents per share from 46 cents. The average estimate for the fiscal year is $1.82 per share, a rise from $1.74 ninety days ago.

Competitors to Watch: Nelnet, Inc. (NYSE:NNI), The Student Loan Corp. (NYSE:STU), Discover Financial Services (NYSE:DFS), American Express Company (NYSE:AXP), The First Marblehead Corp. (NYSE:FMD), Federal National Mortgage Association (FNMA), QC Holdings, Inc. (NASDAQ:QCCO), Advance America, Cash Advance Centers (NYSE:AEA), World Acceptance Corp. (NASDAQ:WRLD), and Federal Home Loan Mortgage Corp (FMCC).

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(Source: Xignite Financials)