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Financial services earnings roundup, July 21

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

Asset manager

Blackstone GroupLP reportedsecond-quarter economic net income of $520.0 million, or 44 cents per unit, versus$508.4 million, or 43 cents per unit, in the year-ago period.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 39 cents.

Distributable earnings for the quarter were $503.5 million, or42 cents per unit, compared to $1.03 billion, or 88 cents per unit, in the year-agoquarter.

GAAP net income attributable to the company was $198.6 million,or 30 cents per unit, up from $134.2 million, or 21 cents per unit, in the prior-yearquarter.


Broker/dealer

E*TRADE FinancialCorp. reportedsecond-quarter net income of $133 million, or 48 cents per share, compared with$292 million, or 99 cents per share, in the second quarter of 2015.

Net income for the prior-year period includes a $220 millionincome tax benefit related to the settlement of an IRS examination.

Adjusted net income was $133 million, or 48 cents per share,compared with $72 million, or 25 cents per share, in the year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 38 cents.


Financial technology

Visa Inc.reported fiscal third-quarternet income of $412 million, or 17 cents per class A common share, compared with$1.70 billion, or 69 cents per class A common share, in the prior-year period.

The special items recorded during the period include $152 millionin operating expense for acquisition-related costs, including $60 million of transactionexpenses recorded in professional fees and $92 million of U.K. stamp duty recordedin general and administrative expenses; $145 million gain in other nonoperatingincome related to euro-denominated bank balances linked to the up-front cash considerationfor the Visa Europe deal; and a $42 million loss in other nonoperating income relatedto currency forward contracts that mitigate part of the foreign currency exchangerate risk related to the cash consideration for the deal.

Excluding these special items, adjusted net income for the quarterwas $1.6 billion, with adjusted EPS of 69 cents.

The S&P Capital IQ consensus GAAP EPS estimate for the quarterwas 66 cents.


PayPal HoldingsInc. reportedsecond-quarter net income of $323 million, or 27 cents per share, compared with$305 million, or 25 cents per share, in the second quarter of 2015.

Non-GAAP pro forma net income for the quarter was $436 million,or 36 cents per share, up year over year from $395 million, or 32 cents per share.

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

PayPal expects GAAP EPS of 25 cents to 27 cents and non-GAAPEPS of 33 cents to 35 cents for the third quarter. It also expects third-quarterrevenue of $2.62 billion to $2.67 billion. For the full year, the company expectsGAAP EPS of $1.11 to $1.14 and non-GAAP EPS of $1.47 to $1.50, up from its . It also increasedits revenue guidance for the full year to $10.75 billion to $10.85 billion.


Athenahealth Inc.reported a second-quarternet loss of $1.9 million, or 5 cents per share, compared with net income of $9.3million, or 24 cents per share, in the year-ago period.

Non-GAAP adjusted net income was $13.5 million, or 34 cents pershare, compared with $12.4 million, or 32 cents per share, in the second quarterof 2015.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 42 cents.

The company continuesto expect full-year GAAP total revenue of $1.09 billion to $1.12 billionand non-GAAP adjusted EPS of $1.65 to $1.85.


Specialty lender

Alliance Data SystemsCorp. reportedsecond-quarter net income attributable to common shareholders of $140.7 million,or $1.24 per share, compared with $131.3 million, or $2.11 per share, in the prior-yearperiod.

Core earnings attributable to common shareholders stood at $217.4million, or $3.68 per share, compared with $206.9 million, or $3.32 per share, inthe year-ago quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was $3.59.

Alliance Data revised its guidance for 2016, with revenue now expected to be $7.15billion, an increase from the previous outlook of $7.1 billion. Core EPS is nowanticipated to be $16.85, up from the previous guidance of $16.75.


GATX Corp.reported second-quarternet income of $61.2 million, or $1.49 per share, compared with $45.4 million or$1.03 per share, in the same quarter of 2015.

Non-GAAP net income, which excludes tax adjustments and otheritems, was $61.0 million, or $1.49 per share, up from $45.4 million, or $1.03 pershare, in the prior-year quarter.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was $1.23.