Sallie Mae Q3 Profit Beats Estimates - Quick Facts

(RTTNews) - Sallie Mae (SLM), formally SLM Corp., reported that its third-quarter net income to common stock increased to $255 million or $0.57 per share, from $183 million or $0.39 per share, last year. Earnings per share from continuing operations was $0.55, compared to $0.39, prior year.

Core earnings for the quarter were $271 million or $0.60 per share.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.59. Analysts' estimates typically exclude special items.

Net interest income decreased to $799 million, from $819 million, prior year. Net interest income after provisions for loan losses rose to $592 million, from $549 million, a year ago. Total other income for the quarter was $69 million, compared to a loss of $31 million prior year. Analysts expected revenue of $673.67 million for the quarter.

The company expects its full-year 2013 core earnings per share of $2.94 including $0.44 related to FFELP securitization trust residual sales, $0.08 from the business sale earlier in the year, and the anticipated $0.14 from the business sale to close in fourth-quarter 2013. Analysts expect the company to report full year earnings per share of $2.82.