Sallie Mae: 2Q Earnings Snapshot

NEWARK, Del. (AP) _ SLM Corp. (SLM) on Wednesday reported second-quarter earnings of $150.3 million.

The Newark, Delaware-based company said it had net income of 34 cents per share. Earnings, adjusted for non-recurring gains, were 31 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The student loan company posted revenue of $593.1 million in the period. Its adjusted revenue was $396.9 million, missing Street forecasts. Four analysts surveyed by Zacks expected $401.7 million.

Sallie Mae expects full-year earnings in the range of $1.21 to $1.23 per share.

Sallie Mae shares have increased 22% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.13, a drop of 14% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLM at https://www.zacks.com/ap/SLM