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Synchrony Surges on Strong Earnings, Truce and Deal With Walmart

The financial services company issues strong fourth-quarter net earnings; confirms dismissal of lawsuit and extension of partnership with Walmart's Sam's Club.

The Stamford, Conn.-based company said it earned $783 million, or $1.09 a diluted share, in its fourth quarter, vs. $385 million, or 70 cents, a year earlier. Net interest income increased 11% from the fourth quarter of 2017 to $4.3 billion, while loan receivables grew $11 billion, or 14%, from the fourth quarter of 2017 to $93 billion.

Shares of Synchrony jumped 9% on Wednesday to $28.95.

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https://www.thestreet.com/investing/earn...yptr=yahoo

Synchrony Financial (SYF) Q2 Earnings Top Estimates, Rise Y/Y

Synchrony Financial’s SYF second-quarter 2019 earnings per share of 97 cents beat the Zacks Consensus Estimate by 1%. The bottom line also improved 5.4% year over year on the back of higher net interest income and the PayPal Credit Program purchase. This excludes the impact of Walmart portfolio.

Results in Detail

The company’s net interest income increased 11% to $4.2 billion in the second quarter, primarily owing to the PayPal Credit program acquisition and loan receivables growth.

However, other income rose 42.9% to $90 million.

In the quarter under review, loan receivables inched up 4% year over year to $81.8 billion.


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