Nelnet Q3 GAAP net income falls to $2.4M ($0.07/sh) from $44.4M; adjusted EPS $0.34 vs $1.12

NELNET INC

2024-Q3 EPS reported $3.29

Non-cash provision expense of $29.0M on loan securitizations; $5.6M debt redemption charge; $11.2M solar losses; $8.8M legacy solar project losses.
AGM loan net interest income $38.4M (down from $51.5M) on FFELP portfolio runoff; average loans $9.8B vs $13.2B.
Loan Servicing revenue $108.2M (vs $127.9M); net loss $3.5M vs income $18.6M due to USDS contract transition.
Education Technology revenue $118.2M (up from $113.8M); net income $20.4M vs $16.8M.
Board declared Q4 dividend of $0.28/share, payable Dec 16 to holders of record Dec 2.

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