SLM Profit In Line With Estimate; Lifts Lower End Of Full-Year EPS Guidance

(RTTNews) - Student lender SLM Corp (SLM) Wednesday reported third-quarter net earnings of $83 million or $0.18 per share compared with $49.4 million or $0.11 per share last year.

Excluding items, core earnings for the quarter were $0.17 per share.

Analysts polled by Thomson Reuters estimated earnings of $0.17 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter was $144 million compared with $116.8 million in the prior year.

Non interest income was $96 million compared with $53 million a year ago.

Analysts estimated revenues of $147 million for the quarter.

The company said it originated $3.5 billion in private education loans in the first three quarters of the year, up 8 percent from last year. At September 2014, the private education loan portfolio totaled $7.8 billion, a 26 percent increase from last year.

The company's provision for loan losses for the quarter was $15 million, down from $19 million last year.

Looking ahead to the full year, the company now expects core earnings of $0.42 to $0.43 per share, up from prior guidance of $0.41 to $0.43 per share. Analysts currently expect earnings of $.45 per share.

The company still projects full-year private-education loan originations of $4 billion.