Santander Consumer USA (SC) Tops Q2 EPS by 16c

Santander Consumer USA (NYSE: SC) reported Q2 EPS of $0.92, $0.16 better than the analyst estimate of $0.76.

"We had a strong second quarter, with clear momentum in our business performance and continued regulatory progress," said Scott Powell, SC President and CEO. "Earnings were up 26 percent from 2Q 2017, driven by strong originations across all channels, including Chrysler, and by strong credit performance. SHUSA also received a non-objection from the Federal Reserve to our capital plan, which allows SC to pay a meaningful dividend and launch an inaugural share repurchase program."

Juan Carlos Alvarez, SC Chief Financial Officer, added, "Our ongoing efforts to optimize pricing and dealer experience led to another strong quarter, with robust originations. Our credit performance, with continued stabilization in both gross and net charge-off ratios, resulted in solid financial performance during the second quarter."

Scott Powell, who is also CEO of Santander US, added, "We are proud of our work since the beginning of the year to prepare for the launch of our program to originate SC auto loans at Santander Bank, which began on July 2, 2018. The originations program is another step forward as we continue to bring the Santander US businesses closer together, leveraging their individual strengths."

For earnings history and earnings-related data on Santander Consumer USA (SC) click here.

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