ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Navient Reports Q4 and Full-Year 2015 Financial Results

Share On Facebook
share on Linkedin
Print

Completes over $900 Million of New Financings during the Fourth Quarter – Repurchases $691 Million of Unsecured Debt during the Fourth Quarter – Approves Additional $700 Million Share Repurchase Authorization in December 2015 – Total Delinquency Rates at Lowest Year-Ending Levels for both FFELP and Private Education Loans since 2005

© Mike Hodges

Navient (Nasdaq:NAVI) today released fourth-quarter and full-year 2015 financial results that include over $900 million of new financings and $691 million repurchases of unsecured debt during the fourth-quarter 2015. Total delinquency rates are at the lowest levels for both FFELP and private education loans since 2005.

“This quarter’s and full year’s results demonstrate that the foundation of our enterprise value remains intact and strong,” said Jack Remondi, president and CEO. “Even with financial market turmoil, we continued to generate earnings and cash flow in-line with our expectations, allowing us to repurchase or retire over $2.3 billion in unsecured debt, acquire over $3.7 billion in loans, and return $1.2 billion to shareholders through dividends and share repurchases in 2015. These capabilities remain in place as we begin 2016.”

For the fourth-quarter 2015, GAAP net income was $286 million ($0.79 diluted earnings per share), compared with $263 million ($0.64 diluted earnings per share) for the year-ago quarter. For 2015, GAAP net income was $997 million ($2.61 diluted earnings per share), compared with $1.1 billion ($2.69 diluted earnings per share) for 2014.

Core earnings for the quarter were $172 million ($0.48 diluted earnings per share), compared with $217 million ($0.53 diluted earnings per share) for the year-ago quarter. The decrease is primarily the result of a $72 million reduction in net interest income, partially offset by a $23 million decline in provision for loan losses. Excluding expenses associated with regulatory-related costs, fourth-quarter 2015 and 2014 diluted core earnings per share were $0.49 and $0.54, respectively. Fourth-quarter 2015 and 2014 operating expenses included $7 million ($0.01 diluted earnings per share) and $9 million ($0.01 diluted earnings per share) of regulatory-related costs, respectively.

Core earnings for the year were $694 million ($1.82 diluted earnings per share), compared with $818 million ($1.93 diluted earnings per share) for 2014. Excluding expenses associated with regulatory-related costs, 2015 and 2014 diluted core earnings per share were $1.85 and $2.10, respectively. Full-year 2015 and 2014 operating expenses included $19 million ($0.03 diluted earnings per share) and $120 million ($0.17 diluted earnings per share) of regulatory-related costs, respectively.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com