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Navient reports second quarter earnings

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(AP) Navient Corp. (NAVI) on Tuesday reported second-quarter profit of $83 million.

On a per-share basis, the Wilmington, Delaware-based company said it had net income of 31 cents. Earnings, adjusted for non-recurring costs, were 49 cents per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.

The student loan servicing company posted revenue of $1.36 billion in the period. Its adjusted revenue was $298 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $317 million.

Navient shares have climbed nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5.5 percent. In the final minutes of trading on Tuesday, shares hit $14.10, a drop of 5 percent in the last 12 months.

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