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Financial services earnings roundup, Aug. 2

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Financial services earnings roundup, Aug. 2

With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the financial services space.

Asset manager

Apollo Global Management LLC reported second-quarter net income attributable to the company of $91.7 million, or 44 cents per share, compared with $174.1 million, or 91 cents per share, in the year-ago period.

Economic net income was $183.5 million, or 46 cents per share, compared with $394.9 million, or 98 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 49 cents.

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Carlyle Group LP reported second-quarter pretax economic net income of $300.1 million, up from $158.3 million in the year-ago quarter.

On a post-tax basis, the company reported economic net income per adjusted unit of 81 cents for the quarter, versus 35 cents for the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 41 cents.

On a GAAP basis, the company reported net income attributable to the company of $57.6 million, or 59 cents per common unit, up from $6.1 million, or 7 cents per common unit, in the year-ago period.

Financial technology

Fidelity National Information Services Inc. reported second-quarter net earnings attributable to common stockholders of $132 million, or 40 cents per share, up from $121 million, or 37 cents per share, in the year-ago quarter.

Adjusted net earnings from continuing operations attributable to common stockholders was $342 million, or $1.02 per share, compared with $295 million, or 90 cents per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the first quarter was 97 cents.

The company updated its full-year 2017 guidance due to its successful divestiture of its consulting businesses on July 31. Adjusted EPS for the full year 2017 is projected to come in between $4.22 and $4.32, up from previous guidance of between $4.15 and $4.30. Consolidated GAAP revenue is expected to be flat to down 1%, a change from previous guidance of growth of 1% to 2%. Consolidated organic revenue growth is still expected to be 2% to 3%. The company now expects adjusted EBITDA of $3.03 billion to $3.08 billion, down from $3.04 billion to $3.12 billion.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $4.28.

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Square Inc. reported a second-quarter net loss of $16.0 million, or a loss of 4 cents per share, compared with a net loss of $27.3 million, or a loss of 8 cents per share, in the second quarter of 2016.

Adjusted net income for the quarter was $29.8 million, or 7 cents per share, compared with $5.7 million, or 2 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 5 cents.

The company updated its guidance for 2017, now expecting a net loss per share of between 21 cents and 19 cents, compared with the previously expected loss range of 24 cents to 20 cents. Adjusted EPS for the year is now expected to be between 21 cents and 23 cents, compared with the prior range of 16 cents to 20 cents.

The S&P Capital IQ consensus normalized EPS estimate for the year is 21 cents.

For the third quarter, the company projects a net loss per share of 7 cents to 6 cents and adjusted EPS of 4 cents to 5 cents.

The S&P Capital IQ consensus normalized EPS estimate for the quarter is 5 cents.

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Genpact Ltd. reported second-quarter net income available to common shareholders of $68.9 million, or 36 cents per share, compared with $65.7 million, or 31 cents per share, in the prior-year quarter.

Adjusted income from operations for the quarter was $110.5 million, or 43 cents per share, up from $94.2 million, or 36 cents per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 35 cents.

The company has increased its 2017 revenue outlook to $2.66 billion to $2.71 billion from the previous guidance of between $2.63 billion and $2.70 billion. The 2017 revenue outlook includes an assumed adverse foreign exchange impact of $24 million, all of which is reflected in global client revenue.

The company still expects adjusted EPS of $1.53 to $1.57 for full-year 2017.

The S&P Capital IQ consensus normalized EPS estimate for the year is $1.55.

Investment company

Annaly Capital Management Inc. reported a second-quarter net loss related to common stockholders of $8.8 million, or a loss of 1 cent per share, compared with a net loss related to common stockholders of $296.1 million, or a loss of 32 cents per share, in the year-ago quarter.

Second-quarter core earnings were $259.9 million, or 23 cents per average common share, compared with $196.6 million, or 19 cents per average common share, in the prior-year quarter.

Excluding premium amortization adjustment, second-quarter core earnings were $332.6 million, or 30 cents per average common share, compared with $282.2 million, or 29 cents per average common share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 30 cents.

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Ares Capital Corp. reported second-quarter GAAP net income of $178 million, or 42 cents per share, up from $157 million, or 50 cents per share, in the prior-year quarter.

On a non-GAAP basis, core EPS was 34 cents, down from 39 cents from the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 36 cents.

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Chimera Investment Corp. reported second-quarter GAAP net income available to common shareholders of $105.6 million, or 56 cents per share, up from $74.1 million, or 39 cents per share, in the prior-year period.

Core earnings for the quarter were $112.1 million, or 60 cents per basic common share, compared with $95.5 million, or 51 cents per basic common share, a year earlier.

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MFA Financial Inc. reported second-quarter net income available to common shareholders and participating securities of $76.2 million, or 20 cents per share, compared with $75.2 million, or 20 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 18 cents.

Specialty lender

OneMain Holdings Inc. reported second-quarter net income attributable to the company of $42 million, or 30 cents per share, an increase from $26 million, or 19 cents per share, a year ago.

The S&P Capital IQ consensus GAAP EPS estimate for the period was 62 cents.

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Walker & Dunlop Inc. reported second-quarter net income of $34.6 million, or $1.08 per share, up from $32.0 million, or $1.05 per share, in the prior-year quarter.

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Ocwen Financial Corp. reported a second-quarter net loss attributable to common stockholders of $44.5 million, or 36 cents per share, compared to a loss of $87.4 million, or 71 cents per share, in the year-ago quarter.

Pretax loss for the second quarter was $41.6 million, compared to $96.4 million in the year-ago quarter.