Navient Swings to Q3 Core Loss, Revenue Falls; New $100 Million Share Buyback Approved

MT Newswires Live10-29

Navient (NAVI) reported a Q3 core loss Wednesday of $0.84 per diluted share, swinging from earnings of $1.45 a year earlier.

Analysts polled by FactSet expected earnings of $0.18.

Revenue for the quarter ended Sept. 30, expressed as the sum of net interest income and total other income, was $161 million, down from $396 million a year earlier.

Analysts surveyed by FactSet expected $164.6 million.

The company said it approved a new $100 million share repurchase program, effective immediately, in addition to about $26 million of unused authorization as of Sept. 30.

Shares of the company were up 4.3% in recent Wednesday premarket activity.

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