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OneMain Holdings sees core earnings climb YOY in Q1

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OneMain Holdings sees core earnings climb YOY in Q1

OneMainHoldings Inc. recorded first-quarter GAAP net income attributableto the company of $153 million, or $1.13 per share.

First-quarter net income includes a $229 million pretax netgain on the sale ofthe company's stake in SpringCastle.

The company reported after-tax core earnings, a non-GAAPmeasure, of $141 million, or $1.05 per share, in the first quarter, comparedwith $64 million, or 55 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was $1.08.

"This quarter represents the first full quarter sincewe completed the acquisitionof OneMain, and we could not be more pleased with the results we have achievedthus far," OneMain Holdings President and CEO Jay Levine said.

Consolidated pretax core earnings were $227 million in thefirst quarter, compared with $101 million a year ago. First-quarter consolidatedpretax core earnings include $24 million from the acquisitions and servicingsegment. The figure excludes $28 million of acquisition-related transaction andintegration expenses reported in the consumer and insurance segment and the netgain and transaction costs related to the sale of the SpringCastle interests,loss on net repurchase and repayment of debt and noncontrolling interests.

At March 31, consumer net finance receivables for theconsumer and insurance segment stood at $13.6 billion, and consumer net financereceivables per branch were $6.9 million. The consumer and insurance segmentincludes the results of OneMain Financial beginning Nov. 1, 2015.

Net finance receivables for the acquisitions and servicingsegment were zero due to the sale of the company's interests in SpringCastle.