S&P 500 (NYSE:SPY) component SLM Corporation (NYSE:SLM) saw profit fall amid falling revenue. SLM Corporation originates, services and collects student loans. It provides funding, delivery and servicing support for education loans in the US.
SLM Earnings Cheat Sheet for the First Quarter
Results: Net income for SLM Corporation fell to $175 million (32 cents/share) vs. $240.1 million (45 cents/share) a year earlier. A decline of 27.1% from the year earlier quarter.
Actual vs. Wall St. Expectations: SLM fell short of the mean analyst estimate of 40 cents/share. Estimates ranged from 38 cents per share to 43 cents per share.
Quoting Management: “These results reflect progress,” said Albert L. Lord, vice chairman and CEO, Sallie Mae. “The trends we see across the franchise are improving: private loan demand, ABS market tone, and asset quality together with a better Department of Education loan servicing scorecard. Reinstitution of the dividend and share repurchase program reflects the strength of our capital, liquidity and cash flow.”
Today’s Performance: Shares of SLM are up 7.8 percent.