Wilmington-based Navient reported higher net income for the first quarter.
Highlights are as follows:
- GAAP (generally accepted accounting principles net income was $128 million compared to $126 million during the same quarter a year earlier.
- Adjusted diluted core earnings per share were $0.58 compared to $0.43 in the year-ago quarter.
- Core earnings were $136 million compared to $107 million during the year-ago quarter.
“Our very strong first-quarter results exceeded our targets and demonstrate continued progress in executing our strategy to meet the needs of our customers while maximizing portfolio cash flows, improving operating efficiency and deploying capital effectively,” said Jack Remondi, CEO and president. “This quarter’s results reflect momentum across all of our businesses, including a substantial decline in delinquencies in the Federal Education Loans segment, a significant increase in originations in our Consumer Lending segment and a 22 percent increase in EBITDA in our Business Processing segment. We continued to repurchase our shares and unsecured debt during the quarter. In addition, last week we launched an innovative and user-friendly private education loan product to help students and families finance their higher education.”
Navient shares were up 3 percent at the close of trading on Tuesday.
The company has continued to defend itself against charges that it has engaged in questionable practices in dealing with people who fall behind in their student loan payments.
Navient is also working to diversify its business to include parking services and other noneducation services.
The company earlier rejected a conditional offer for shares of its stock by a Navient investor.
