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Financial services earnings roundup, Aug. 3

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.

Broker/dealer

Intercontinental Exchange Inc. reported second-quarter net income attributable to the company of $418 million, or 70 cents per share, versus $357 million, or 60 cents per share, in the year-ago period.

The company posted adjusted net income of $448 million, or 75 cents per share, versus $411 million, or 69 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 76 cents.

Financial technology

FleetCor Technologies Inc. reported second-quarter net income of $131.0 million, or $1.39 per share, up from $116.3 million, or $1.22 per share, in the prior-year quarter.

Adjusted net income for the quarter was $187.0 million, or $1.99 per share, compared to $150.0 million, or $1.57 per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.97.

The company also revised its full-year 2017 outlook, now expecting net income of between $545 million and $565 million and net income per share of $5.80 to $6.00. Previously, FleetCor expected net income to be $553 million to $573 million and net income per share to be between $5.83 and $6.03.

Adjusted net income for the year is expected to come in between $775 million and $795 million, and adjusted net income per share is expected to be between $8.24 and $8.44. Adjusted net income was previously projected to be between $780 million and $800 million, or between $8.21 and $8.41.

The S&P Capital IQ consensus normalized EPS estimate for the year is $8.34.

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Global Payments Inc. reported second-quarter net income attributable to the company of $66.9 million, or 44 cents per share, compared to $62.2 million, or 42 cents per share, in the prior-year period.

Adjusted net income for the quarter was $144.4 million, or 94 cents per share, up from $114.3 million, or 76 cents per share, in the second quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 91 cents.

The company revised its full-year 2017 EPS outlook to a range of $1.98 to $2.13 from the previous range of $1.91 to $2.08. It now expects adjusted EPS for the year to be in the range of $3.85 to $4.00 from the prior range of $3.78 to $3.95 for 2017. The company changed its outlook for GAAP revenue to a range of $3.83 billion to $3.91 billion from the prior range of $3.81 billion to $3.89 billion and adjusted net revenue to a range of $3.40 billion to $3.48 billion from the previous range of $3.38 billion to $3.46 billion.

The S&P Capital IQ consensus normalized EPS estimate for the year is $3.93.

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MSCI Inc. reported second-quarter net income of $81.3 million, or 89 cents per common share, an increase from $67.0 million, or 69 cents per common share, in the year-ago quarter.

Adjusted net income for the period was $87.5 million, or 95 cents per share, versus $74.9 million, or 77 cents per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 90 cents.

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Western Union Co. reported second-quarter net income of $166.5 million, or 35 cents per share, up from $205.6 million, or 42 cents per share, in the second quarter of 2016.

The S&P Capital IQ consensus GAAP EPS estimate for the second quarter was 39 cents.

The company recorded operating income of $214.8 million, compared to $260.3 million in the prior-year period.

The company also revised its previous guidance for the full year. Western Union now expects a flat to a low-single-digit increase in GAAP revenues, or a low-single-digit increase in constant currency. In May, the company expected flat to a low-single-digit decline.

Western Union lowered its GAAP EPS projections for the year to between $1.46 and $1.56 from the prior range of $1.48 to $1.60. Adjusted EPS is now expected to be $1.70 to $1.80, up from the previous range of $1.63 to $1.75.

The S&P Capital IQ consensus normalized EPS estimate for the year is $1.67.

Investment company

Main Street Capital Corp. reported a second-quarter net increase in net assets resulting from operations of $42.8 million, or 76 cents per share, compared to $30.9 million, or 60 cents per share, in the prior-year period.

Second-quarter net investment income was $32.7 million, or 58 cents per share, versus $27.6 million, or 54 cents per share, in the year-ago quarter.

Distributable net investment income for the period was $35.5 million, or 63 cents per share, compared to $29.9 million, or 58 cents per share, in the year-ago quarter.

Specialty lender

AerCap Holdings NV reported second-quarter net income attributable to the company of $282.9 million, or $1.67 per share, up from $233.3 million, or $1.22 per share, in the prior-year quarter.

The S&P Capital IQ GAAP consensus EPS estimate for the quarter was $1.37.

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Air Lease Corp. reported second-quarter net income of $100.9 million, or 92 cents per class A and class B common share, up from $91.8 million, or 84 cents per class A and class B common share, in the second quarter of 2016.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was 85 cents.

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Fannie Mae reported second-quarter net income of $3.20 billion, compared to $2.77 billion in the previous quarter.

Total comprehensive income was $3.12 billion, versus $2.78 billion in the linked quarter.

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Nationstar Mortgage Holdings Inc. reported a second-quarter net loss attributable to the company of $20 million, or 20 cents per share, compared to income of $2 million, or 2 cents per share, in the previous quarter.

Adjusted earnings for the quarter totaled $42 million, or 43 cents per share, versus $29 million, or 30 cents per share, in the first quarter.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 37 cents.

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Fortress Transportation and Infrastructure Investors LLC reported a second-quarter net loss attributable to shareholders of $1.5 million, or a loss of 2 cents per share, compared to a net loss of $11.2 million, or a loss of 15 cents per share, in the prior-year quarter.

The company posted second-quarter adjusted net income of $626,000, or 1 cent per share, compared to an adjusted net loss of $5.4 million in the second quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 4 cents.

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Encore Capital Group Inc. reported second-quarter net income attributable to the company of $20.3 million, or 77 cents per share, compared to $29.6 million, or $1.14 per share, in the year-ago quarter.

Adjusted income attributable to the company was $22.9 million, or 88 cents per share, for the quarter, which is down from $33.4 million, or $1.29 per share, in the same period of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 82 cents.