WILMINGTON, Del. (AP) _ Navient Corp. (NAVI) on Tuesday reported fourth-quarter net income of $105 million, after reporting a loss in the same period a year earlier.
The Wilmington, Delaware-based company said it had net income of 78 cents per share. Earnings, adjusted for non-recurring gains, were 76 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.
The student loan servicing company posted revenue of $1.13 billion in the period. Its adjusted revenue was $232 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $253.7 million.
For the year, the company reported profit of $645 million, or $4.49 per share. Revenue was reported as $1.03 billion.
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