Sallie Mae Q1 Profit Tops Estimates - Quick Facts

(RTTNews) - Sallie Mae (SLM), formally SLM Corporation, reported first-quarter net income to common stock of $42.9 million or $0.10 per share, compared to $47.5 million or $0.11 per share, prior year. The company said its net income was affected by a $32-million increase in net interest income and a $22-million reduction in provisions for loan losses, offset by a $34-million decrease in gains on sales of loans and a $20-million increase in operating expenses. Core earnings were $46 million or $0.10 per share, for the quarter.

On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.07 for the quarter. Analysts' estimates typically exclude special items.

Net interest income totaled $170.95 million, compared to $139.24 million, last year. Total non-interest income was $11.30 million, compared to $41.26 million. Analysts expected revenue of $163.39 million for the quarter.

The company expects full year core earnings per share between $0.57 and $0.59. Analysts expect the company to report fiscal year earnings per share of $0.52.