Sallie Mae posts 1Q profit of $47.7 million, result tops expectations

MarketsAssociated Press

SLM Corp. (SLM) on Wednesday reported first-quarter profit of $47.7 million.

On a per-share basis, the Newark, Delaware-based company said it had profit of 10 cents.

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The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The student loan company posted revenue of $171 million in the period.

Sallie Mae expects full-year earnings in the range of 57 cents to 59 cents per share.

Sallie Mae shares have decreased 2.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $9.94, a drop of 62 percent in the last 12 months.

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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 http://www.zacks.com/ap/SLM

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Keywords: Sallie Mae, Earnings Report