SLM shares jump on earnings beat

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SLM shares jump on earnings beat
Credit: © Reuters.

NEW YORK - SLM (NASDAQ: SLM ) Corporation (NASDAQ: SLM), commonly known as Sallie Mae, reported a robust first quarter with earnings surpassing analyst expectations.

The company posted an adjusted EPS of $1.27, which was $0.20 higher than the consensus estimate of $1.07. Revenue for the quarter also exceeded forecasts, coming in at $561 million against the anticipated $512.75 million.

The positive earnings report prompted a 3.3% rise in SLM's stock price, indicating a favorable investor reaction to the company's financial performance. The earnings beat is the primary driver of the stock's upward movement, reflecting the company's ability to generate profit beyond what analysts had projected.

For the full year 2024, SLM provided guidance for an adjusted EPS range of $2.60 to $2.70. This forecast aligns closely with the analyst consensus of $2.70, suggesting that the company's outlook is in step with market expectations. The midpoint of the guidance range, at $2.65, is slightly below the consensus, indicating a conservative yet optimistic projection from the company.

SLM's CEO commented on the results, "Our strong first quarter performance sets a positive tone for the year as we continue to execute our strategy and deliver value to our shareholders." This statement underscores the company's commitment to maintaining its growth trajectory and financial health.

Investors appear to be responding well to SLM's financial results and forward-looking statements, with the stock's notable gain reflecting confidence in the company's direction and management's ability to deliver on their promises.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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