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Sallie Mae reports second quarter earnings

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(AP) _ SLM Corp. (SLM) on Tuesday reported second-quarter net income of $109.8 million.

The Newark, Delaware-based company said it had net income of 24 cents per share. Earnings, adjusted for non-recurring costs, came to 25 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The student loan company posted revenue of $469.8 million in the period. Its adjusted revenue was $341 million, which also beat Street forecasts. Five analysts surveyed by Zacks expected $335.9 million.

Sallie Mae expects full-year earnings in the range of 99 cents to $1.01 per share.

Sallie Mae shares have risen 4 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.76, a rise of 6 percent in the last 12 months.

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