Discover (DFS) Tops Q1 Views on Lower Charge-Offs, Delinquencies
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Price: $200.05 --0%
Financial Fact:
Diluted earnings per share: 1.56
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Diluted earnings per share: 1.56
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Discover Financial Services (NYSE: DFS) is trading higher in extended trade Tuesday, following improved first-quarter 2011 earnings results on lower charge-offs and delinquency rates.
Net income in the period was $465 million, or $0.84 per share, swinging Discover Financial Services into positive territory compared with a net loss of $122 million for year-ago quarter.
Revenues in the quarter increased 2.5 percent from $1.69 billion to $1.73 billion.
Overall, the Street was looking for earnings of $0.64 per share on revenue of $1.63 billion.
Discover said, in its Direct Banking segment, the delinquency rate for credit card loans over 30-days past due declined 180 basis points to 3.59 percent. Allowance for loan losses fell 28 percent from $4.208 billion to $3.033 billion.
The company is returning more capital to shareholders by boosting its quarterly dividend 200% from $0.02 to $0.06 per common share. The dividend yields 1.1% based on recent trading prices.
Discover stock is trading 2% better in the aftermarket session.
Net income in the period was $465 million, or $0.84 per share, swinging Discover Financial Services into positive territory compared with a net loss of $122 million for year-ago quarter.
Revenues in the quarter increased 2.5 percent from $1.69 billion to $1.73 billion.
Overall, the Street was looking for earnings of $0.64 per share on revenue of $1.63 billion.
Discover said, in its Direct Banking segment, the delinquency rate for credit card loans over 30-days past due declined 180 basis points to 3.59 percent. Allowance for loan losses fell 28 percent from $4.208 billion to $3.033 billion.
The company is returning more capital to shareholders by boosting its quarterly dividend 200% from $0.02 to $0.06 per common share. The dividend yields 1.1% based on recent trading prices.
Discover stock is trading 2% better in the aftermarket session.
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