Student loan servicer Navient’s shares jump on earnings
The student loan servicer's share price rose 10 percent to over $15.
After higher-than-expected quarterly earnings, Navient’s share price rose Wednesday about 10 percent to $15.09 a share after the close of trading.
Navient is a student loan servicer and business processing company for education, health-care clients, and federal, state and local governments. Headquartered in Wilmington, Navient also employs workers in Wilkes-Barre in Northeastern Pennsylvania.
Navient reported second-quarter adjusted earnings per share of $0.74 compared with $0.52 in the same period a year ago.
The company also raised its earnings guidance for the full year to a range of $2.43 to $2.48 a share, up 24 percent from its original guidance of $1.93 to $2.03, provided in January.
Adjusted diluted core earnings per share were defined as excluding $2 million, $8 million, and $10 million of restructuring and regulatory-related expenses in second-quarter 2019, first-quarter 2019, and second-quarter 2018, respectively, the company said in its investor presentation.
The company also spent $163 million on dividends and share repurchases in the quarter, buying back 9.6 million shares.
Company shares finished the regular trading day at $15.09, up $1.39 (10.15%.)