Sallie Mae swings to $104 million loss in 1Q
posted 6:03 pm Wed April 16, 2008 - Washington
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Sallie Mae says it lost $104 million in the first quarter, as the student lending industry experienced a severe downturn.The Reston, Va.-based company, formally SLM Corp., lost 28 cents a share in the first quarter. That compares with a profit of $116 million, or 26 cents per share, a year earlier. Sallie Mae's pofit on a "core" basis was 34 cents a share in the first three months of the year. Analysts polled by Thomson Financial had expected the company to earn 40 cents per share on that basis, which excludes the impact of student loans bundled together as securities.
Sallie Mae set aside $137 million for losses on student loans.
Sallie Mae set aside $137 million for losses on student loans.
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