Nelnet Inc Reports Second Quarter Financial Results for 2024
Intellectia.AI Updated: 1970-01-01
Nelnet, Inc. Reports Second Quarter Financial Results for 2024
Nelnet, Inc. reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Expectation | QoQ Change |
|---|---|---|---|---|---|
| Total Revenue | $396M | Not provided | Not provided | $358.75M | Not provided |
| Earnings Per Share (EPS) | $1.33 | Not provided | Not provided | $1.33 | Not provided |
Interpretation: Nelnet’s total revenue for Q2 2024 exceeded the Wall Street consensus of $358.75 million, reaching $396 million. EPS matched the consensus estimate of $1.33.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Loan Servicing and Systems (LSS) | $87.0M | $95.7M | -8.3% |
Interpretation: Loan Servicing and Systems revenue was $87.0 million, a decrease from $95.7 million in Q2 2023. For other segments, detailed revenue data was not provided.
Dividends and Share Repurchase Program:
- The Board of Directors announced a third-quarter dividend of $0.28 per share, payable on September 13, 2024.
- 3,341,735 shares remain authorized for repurchase under Nelnet’s stock repurchase program.
Stock Price Movement:
- Following the earnings release, Nelnet’s stock price increased by 1.42%.
Summary: Nelnet, Inc. exceeded revenue expectations for Q2 2024 with a reported $396 million against a consensus estimate of $358.75 million. EPS matched expectations at $1.33. The Loan Servicing and Systems segment saw a revenue decrease compared to the previous year. An increased financial performance relative to estimates positively influenced its stock price, which moved up by 1.42% post-announcement. The company announced a third-quarter dividend but did not provide specific forward guidance or comments from its officers.
