Santander Consumer USA (SC) Misses Q2 EPS by 36c

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Go back to Santander Consumer USA (SC) Misses Q2 EPS by 36c

Santander Consumer USA Holdings Inc. Reports Second Quarter 2020 Results

July 29, 2020 6:15 AM EDT

DALLAS, July 29, 2020 /PRNewswire/ -- Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC" or the "Company") today announced net income for the second quarter ended June 30, 2020 ("Q2 2020") of $(97) million, or $(0.30) per diluted common share. The quarter included $400 million of incremental allowance for credit loss primarily driven by macroeconomic factors and COVID-19.

As previously announced, based on the interim Federal Reserve Board ("FRB") policy and SHUSA's expected average trailing four quarters of net income, SC is prohibited from paying a dividend in the third quarter of 2020. Although SC's standalone... More