Synchrony Financial (SYF) Misses Q3 EPS by 18c
Synchrony Financial (NYSE: SYF) reported Q3 EPS of $0.52, $0.18 worse than the analyst estimate of $0.70.
Results included*:
- Loan receivables decreased 6% to $78.5 billion, or 5% on a Core** basis
- Interest and fees on loans decreased 22% to $3.8 billion, or 12% on a Core basis
- Purchase volume decreased 6% to $36.0 billion, or flat on a Core basis
- Average active accounts decreased 16% to 64.3 million, or 8% on a Core basis
- Deposits decreased $2.5 billion, or 4%, to $63.5 billion
- Renewed and extended a key relationship with Sam's Club
- Successfully launched the new Venmo program
- Added and extended Payment Solutions relationships with 4 Wheel Parts, Kane's Furniture, Levin Furniture and Mattress, SVP Sewing Brands LLC, and System Pavers
- CareCredit successfully launched healthcare system partnerships with Lehigh Valley Health Network, St. Luke's University Health Network, and Cox Health and added and extended relationships with Blue River Pet Care and NVA
- Returned $129 million in capital through common stock dividends
"During times of crisis and uncertainty, it is imperative to lead with the fundamental values and principles upon which an organization is built. At Synchrony, we continue to put our employees, partners, customers, shareholders and communities at the forefront of our decision making. Moving in an agile fashion, we quickly reallocated our resources to focus on the most critical priorities to sustain and drive business growth," said Margaret Keane, Chief Executive Officer, Synchrony Financial.
"In the third quarter, we successfully launched an innovative, digital-first program with Venmo, renewed and extended our relationship with Sam's Club, while also extending several programs and adding new partnerships. We've also deployed an array of enhanced digital solutions for our partners and cardholders, further strengthening our market position and meeting the evolving demands of the new environment," she added.
For earnings history and earnings-related data on Synchrony Financial (SYF) click here.