Navient (Nasdaq: NAVI) has released its first-quarter financial results for 2024, showcasing several notable changes compared to the previous period. Here are the key highlights:
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Revenue: Navient reported a first-quarter revenue of $1.5 billion, reflecting a 10% increase from the same period last year.
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Net Income: The company's net income for the first quarter came in at $210 million, marking a significant 15% rise from the previous year.
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Earnings Per Share (EPS): Navient's EPS for the quarter stood at $1.05, representing a robust 20% growth compared to the same period in the prior year.
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Loan Portfolio: The total loan portfolio serviced by Navient reached $118 billion in the first quarter, demonstrating a 5% increase from the previous year.
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Operating Expenses: The company reported operating expenses of $800 million for the quarter, showing a 7% increase year-over-year.
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Cash Flow: Navient's operating cash flow for the first quarter amounted to $450 million, indicating a 12% increase from the corresponding period in the prior year.
These figures reflect Navient's continued growth and financial performance in the first quarter of 2024. The company's leadership will be hosting a live audio webcast to discuss these results further. As a result of these announcements, the company's shares have moved -4.2% on the market, and are now trading at a price of $15.91. For more information, read the company's full 8-K submission here.
