Discover’s performance boosted by settlement
NEW YORK — Credit card company Discover Financial Inc. says third-quarter net income fell, but profits in the year-earlier period received a big boost from a lawsuit settlement.
Net income was $258.2 million, or 47 cents per share. That compares with $552.9 million, or $1.07 per share, last year, which included a $287 million settlement of antitrust litigation involving Visa and MasterCard.
Revenue fell 7 percent to $1.71 billion.
Wall Street expected the Riverwoods, Ill., company to post earnings of 38 cents per share on $1.66 billion in revenue.
Card sales volume rose 5 percent. Loans over 30 days past due fell, and Discover wrote off fewer uncollectable balances.
Shares rose 83 cents, or 5.3 percent, to $16.40 in pre-market trading.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- Half century of memories — Christmas on Deer Creek to celebrate 50th anniversary
- Analyst: KiOR Columbus plant may end up sold as scrap
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Ex-MDEQ leader Fisher joins Butler Snow
- Former MDEQ Executive Director Trudy Fisher joins Butler Snow
- Federal appeals court: State's abortion law is unconstitutional
- Can Metrocenter rise from the ashes? Again
- Gulf oil rig explosion kills one worker, injures three
- Court hits David Watkins with $600,000 order over Retro Metro issues