SLM Corp. Q4 Core Profit Rises; Plans $3 Bln Of Private Education Loan Sales

(RTTNews) - Sallie Mae (SLM), formally SLM Corporation, reported fourth-quarter non-GAAP core earnings per share of $0.33 compared to $0.31, prior year. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.3, for the quarter. Analysts' estimates typically exclude special items.

Fourth-quarter net interest income was $419 million, up 9% from prior year. Analysts expected revenue of $413.54 million, for the quarter.

For 2020, the company expects core earnings per share of $1.85 - $1.91. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.32.

The company expects to sell approximately $3 billion in loans in 2020, dependent upon market conditions. It has been authorized to repurchase up to $600 million in common stock in 2020, under a new share repurchase program, which is effective immediately and expires on Jan. 21, 2022.

Shares of SLM Corporation were up 17% after hours.