Navient Q1 GAAP net income $73M ($0.64 EPS); $12M CFPB accrual and $9M loan premium write-off

NAVIENT CORP

2024-Q1 EPS reported $0.64 revenue$77,000,000

GAAP net income $73M ($0.64 diluted EPS); Core earnings $54M ($0.47 diluted EPS).
Pre-tax income reduced by $23M from regulatory/restructuring expenses ($14M, including $12M CFPB accrual) and FFELP loan premium write-off ($9M).
FFELP loan prepayments surged to $1.6B vs $700M year-ago quarter.
Repurchased $43M of common shares; $247M remaining authority; paid $18M dividends.
CEO: nearing final outsourcing agreement for student loan servicing; expects to decide on divestiture of business processing division.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NAVIENT CORP reported first-quarter 2024 results: net income $73 million ($0.64 diluted earnings per share), EPS $0.64 diluted earnings per share.

Period: first-quarter 2024
Net income: $73 million ($0.64 diluted earnings per share)
EPS: $0.64 diluted earnings per share
Result: reported results

Exact text from the filing

NAVIENT REPORTS FIRST-QUARTER 2024 FINANCIAL RESULTS HERNDON, Va., April 24, 2024 — Navient (Nasdaq: NAVI) today released its first-quarter 2024 financial results. OVERALL RESULTS • GAAP net income of $73 million ($0.64 diluted earnings per share).

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Source: SEC EDGAR

accession 0001193125-24-107378

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