Navient Corporation Inc. (NASDAQ: NAVI) stock soared by 0.52% at the last close while the NAVI stock continues to surge by 5.01% in the after-hours session after Navient Corporation has released its Q1 2021 financial results. Navient is the largest company of school loan management and enterprise management solutions to federal, state, and local education, healthcare, and government customers. Navient supports customers and millions of Americans with technology-compatible funding, operation, and support to achieve success.
Navient on April 27, 2021, released its first-quarter 2021 financial results. Given below is the overview:
- GAAP net revenue is $370 million ($2.00 per share diluted) compared to the net loss of $106 million ($0.53 per share) in the year-ago quarter. Revenue from interest on the fair value hedge registered at interest expense rose by $90 million, mostly due to the $54 million rise in the mark-up to-market profit. A positive interest rates environment with lower interest rates and growth in the portfolio of private education refinancing loans is also contributing to the rise. The continued natural payout of the FFELP portfolios and the non-refinancing of private education loans partially offsets this rise.
- For the first quarter 2021, the adjusted diluted Core Earnings per share was $1.71 compared to $0.51 for the first quarter of the previous year.
- Also, the core earnings for Q1 2021 were $305 million relative to $93 million for the previous year’s first quarter.
Jack Remondi, CEO and president of NAVI said:
Navient has been helping millions across the world in terms of organizational agility and agile technology to access resources relevant to the urgent pandemic, loan repayments for students, and lower interest rates. The results and funding activities of this quarter illustrate the high quality of the portfolio of education loans and represent the constant momentum of all NAVI’s enterprises. In addition to this, he said that he is particularly proud of the ability of his team to respond to this demanding environment and the evolving needs of our clients.