WILMINGTON, Del. (AP) _ Navient Corp. (NAVI) on Tuesday reported first-quarter earnings of $88 million.
On a per-share basis, the Wilmington, Delaware-based company said it had net income of 30 cents. Earnings, adjusted for non-recurring costs, came to 36 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The student loan servicing company posted revenue of $1.17 billion in the period. Its adjusted revenue was $340 million, which also missed Street forecasts. Three analysts surveyed by Zacks expected $347 million.
Navient shares have fallen slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. In the final minutes of trading on Tuesday, shares hit $15.05, a climb of 18 percent 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 NAVI at https://www.zacks.com/ap/NAVI
Keywords: Navient, Earnings Report
Automated Insights, source Associated Press News