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Sallie Mae beats Street 1Q forecasts

NEWARK, Del. (AP) _ SLM Corp. (SLM) on Wednesday reported first-quarter earnings of $94.9 million.

The Newark, Delaware-based company said it had profit of 20 cents per share. Earnings, adjusted for non-recurring costs, came to 21 cents per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 15 cents per share.

The student loan company posted revenue of $329.5 million in the period. Its adjusted revenue was $268.1 million, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $260.2 million.

Sallie Mae expects full-year earnings in the range of 70 cents to 72 cents per share.

Sallie Mae shares have climbed roughly 5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.53, a rise of 73 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 https://www.zacks.com/ap/SLM

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Keywords: Sallie Mae, Earnings Report