Navient (NAVI) Tops Q3 EPS by 2c
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Navient (NASDAQ: NAVI) reported Q3 EPS of $0.50, $0.02 better than the analyst estimate of $0.48.
“This quarter’s results reflect our ongoing efforts to create value for our stakeholders,” said Jack Remondi, president and CEO, Navient. “Credit quality was strong across all products. Our private loan charge-off rate fell to 1.9 percent and we saw lower delinquency, forbearance and default rates for the federal loans we service. In fact, our data driven approach to servicing produced a 31 percent better federal loan cohort default rate than all other servicers. We also completed a number of new financing transactions, won a number of new business services contracts and acquired over $650 million of education loans. We continue to see opportunities to expand our business processing lines and make portfolio acquisitions. Finally, this quarter we used our strong capital position to return $249 million to shareholders through dividends and share repurchases. Year to date, our share repurchase activity has reduced our common shares outstanding by 13 percent.”
For earnings history and earnings-related data on Navient (NAVI) click here.
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