Nelnet (NNI) Reports Q1 Loss of $0.62/sh

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Go back to Nelnet (NNI) Reports Q1 Loss of $0.62/sh

Nelnet Reports First Quarter 2020 Results

May 7, 2020 4:16 PM EDT

LINCOLN, Neb., May 7, 2020 /PRNewswire/ -- Nelnet (NYSE: NNI) today reported a GAAP net loss of $40.5 million, or $1.01 per share, for the first quarter of 2020, compared with GAAP net income of $41.6 million, or $1.03 per share, for the same period a year ago.

GAAP net income decreased to a net loss for the three months ended March 31, 2020, compared with the same period in 2019, primarily due to adverse economic conditions caused by the COVID-19 pandemic. The company recognized an incremental provision for loan losses totaling $63.0 million ($47.9 million after tax, or $1.20... More