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Financial services earnings roundup, April 26

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Financial services earnings roundup, April 26

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

Asset manager

first-quarter net incomeof $295.2 million, or $1.15 per share, compared to $309.5 million, or $1.13 pershare, in the year-ago quarter.

First-quarterresults were impacted by greater non-operating income resulting from higher realizedgains on investments and implementing new accounting guidance related to the consolidationof certain sponsored investment portfolios. When aggregated, these items added 11cents in EPS in the first quarter when compared to the prior-year period.

The S&PCapital IQ consensus GAAP EPS estimate for the quarter was $1.03.


first-quarter net incomeattributable to common shareholders of $33.8 million, or 19 cents per share, comparedwith $43.0 million, or 23 cents per share, in the prior-year quarter.

The S&PCapital IQ consensus GAAP EPS estimate for the quarter was 20 cents.


Financial Technology

first-quarter net earningsof $272 million, or 34 cents per share, down from $320 million, or 38 cents pershare, for the prior-year quarter.

Adjustedearnings for the quarter were $367 million, or 48 cents per share, up from $308million, or 39 cents per share, in the year-ago quarter.

The S&PCapital IQ normalized EPS estimate for the quarter was 45 cents.

The companyreaffirmed its 2016 businessoutlook, expecting adjusted EBITDA margin to range between 27.3% and 28.3%, underlyingoperating profit margin between 18.4% and 19.4%, free cash flow between $1.7 billionand $1.9 billion for the year, and low single-digit revenue growth of 2% to 3%.


first-quarter net incomeattributable to the company of $294 million, or $1.10 per share, compared with $303million, or $1.10 per share, in the year-ago period.

Adjustednet income went up 5% to $349 million, or $1.20 per share. The adjustments wereprimarily associated with the impairment of a Market Intelligence technology platformthat will be replaced by a long-term vendor supply agreement and the benefits frominsurance recoveries related to legal settlements.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was $1.16.

The companyis maintaining its 2016guidance, expecting adjusted EPS of $5.00 to $5.15.

The S&PCapital IQ consensus normalized EPS for 2016 is $5.07.


reported first-quarter net income attributable to the companyof $40 million, or 25 cents per share, up from $19 million, or 13 cents per share,in the year-ago quarter.

Pro formaadjusted net income per share was $110 million, or 56 cents per share, an increasefrom $89 million, or 45 cents per share, the year before.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 53 cents.

For thesecond quarter, Vantiv expects net revenue to range from $460 million to $465 millionand pro forma adjusted net income per share from 66 cents to 68 cents. GAAP netincome per share attributable to the company is expected to be 32 cents to 34 cents.

The companyrevised its 2016 full-yearoutlook. Vantiv now expects full-year net revenue of $1.82 billion to $1.85 billionand expects full-year pro forma adjusted net income per share to be from $2.58 to$2.64. Full-year GAAP net income per share attributable to the company is expectedto be $1.36 to $1.42.

The S&PCapital IQ consensus normalized EPS estimate for the second quarter is 67 cents,and $2.60 for 2016.


first-quarter net incomeattributable to common shareholders of $90.6 million, or 49 cents per share, comparedwith $77.8 million, or 42 cents per share, in the year-ago quarter.

Adjustedearnings for the period were $120.7 million, or 66 cents per share, compared with$99.0 million, or 54 cents per share, in the same quarter a year ago.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 61 cents.

The companyrevised its 2016 guidance,expecting total revenues of $4.18 billion to $4.26 billion, net revenue of $3.04billion to $3.10 billion, and adjusted EPS attributable to common shareholders fromcontinuing operations of $2.78 to $2.85.

The S&PCapital IQ consensus normalized EPS estimate for 2016 is $2.65.


reported first-quarter net income attributable to the companyof $12.6 million, or 7 cents per share, compared with a net loss attributable tothe company of $6.6 million, or a loss of 4 cents per share, a year ago.

Adjustednet income was $58.2 million, or 32 cents per share, compared with $29.6 million,or 20 cents per share, in the prior-year quarter.

The S&PCapital IQ consensus normalized EPS estimate for the quarter was 26 cents.

For thesecond quarter, the company expects consolidated revenue to be between $405 millionand $410 million and adjusted EBITDA to be between $145 million to $150 million.Adjusted EPS is expected to be between 31 cents and 33 cents.

The companyrevised its full-year2016 guidance. Consolidated revenue is now expected to be between $1.63 billionand $1.65 billion, adjusted EBITDA is now expected to be between $600 million and$610 million, and adjusted EPS is now expected to be between $1.30 and $1.34.

The S&PCapital IQ consensus normalized EPS estimate for the second quarter is 32 cents,and $1.26 for full year 2016.


Investment company

first-quarter net incomeattributable to the company of $57.0 million, or 61 cents per share, compared with$35.4 million, or 60 cents per share, in the prior-year period.

Coreearnings for the quarter were $61.2 million, or 65 cents per share, compared with$30.6 million, or 52 cents per share, a year ago.

The S&PCapital IQ consensus normalized EPS estimate for the period was 65 cents.


Specialty lender

first-quarter net income of $250million, down from $576 million in the prior-year quarter.

Net incomefor the first quarter of 2015 included a one-time gain of $397 million from discontinuedoperations resulting from the completed sale of the Chinese auto finance joint venture.

The companyposted first-quarter GAAP earnings per common share of 49 cents, compared with $1.06in the first quarter of 2015.

Corepretax income in the first quarter was $412 million, up from $299 million in theyear-ago period, which included a $190 million repositioning expense related tothe early extinguishment of high-cost legacy debt.

Excludingrepositioning items, core pretax income for the quarter was $419 million, down from$490 million in the first quarter of 2015, primarily due to a $65 million net gainon the sale of troubled debt restructuring mortgage loans in the year-ago periodthat did not repeat.

Adjustedearnings per common share for the most recent quarter were 52 cents, unchanged fromthe first quarter of 2015.

The S&PCapital IQ consensus normalized EPS estimate for the first quarter was 55 cents.