Sallie Mae Q2 Profit Tops View - Quick Facts

(RTTNews) - Sallie Mae (SLM), SLM Corp., Wednesday posted second-quarter GAAP net income of $543 million or $1.20 per share, compared to $292 million or $0.59 per share in the same period last year.

Core earnings attributable to the company totaled $462 million or $1.02 per share, up from $243 million or $0.49 per share in the comparable quarter last year.

On average, seven analysts polled by Thomson Reuters expected the company to earn $0.92 per share for the quarter. Analysts' estimates typically exclude special items.

Net-interest income rose to $784 million from $747 million last year, while total other income totaled $510 million, up from $199 million last year.

Looking ahead, the company projects full-year 2013 core earnings at $2.80 per share, inclusive of the contributions from the $0.44 earnings per share of gains related to FFELP loan securitization trust residual sales and $0.08 earnings per share from the gain from the business sale that have occurred through June 30, 2013. Analysts currently expect the company to report full-year earnings of $2.84 per share.

Earlier, the company expected full-year 2013 core earnings at $2.49 per share.

In July 2013, the company authorized $400 million to be utilized in a new common share repurchase program that does not have an expiration date.