Farmer Mac (AGM) Misses Q3 EPS by 3c

Farmer Mac (NYSE: AGM) reported Q3 EPS of $2.17, $0.03 worse than the analyst estimate of $2.20.

• Sequential net business volume growth of $185.6 million to total outstanding business volume of $20.9 billion, primarily driven by the Farm & Ranch and Rural Utilities lines of business
• Net income attributable to common stockholders of $14.4 million, or $1.33 per diluted common share
• Core earnings, a non-GAAP measure, grew 5% year-over-year to $23.4 million, or $2.17 per diluted common share
• Net interest income of $40.1 million, compared to $45.1 million for the prior-year period
• Net effective spread, a non-GAAP measure, increased 9% from the prior-year period to $42.5 million
• 90-day delinquencies were 0.81% of the $7.4 billion Farm & Ranch portfolio and 0.29% of total outstanding business volume as of September 30, 2019

"Our third quarter 2019 results continued our strong momentum from the first half of the year with another quarter of solid core earnings and portfolio growth in our core lines of business," said President and Chief Executive Officer Brad Nordholm. "Farmer Mac continues to be fundamentally healthy as we are in excellent financial condition in all facets of our operations, consistently leverage our inherent cost of funding advantage, and are seeing some early successes from organizational changes that allow us to be more commercially focused and enhance our emphasis on customer service. All these factors allow us to continue to succeed in filling our mission to increase the availability and affordability of credit for rural America while delivering value for our shareholders."

For earnings history and earnings-related data on Farmer Mac (AGM) click here.

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