- The company will be restating financial statements for 2013-2015, the quarters within 2014 and 2015, and 2016 Q1 due to errors found in the financial statements of each.
- The expected cumulative impact of the errors will be to increase total equity by about 1% and boost previously reported net income for FQ1 of 2016 by about $9M or $0.02 per share.
- Santander (NYSE:SC) will also be reporting additional material weaknesses in internal controls.
- Also reported are preliminary Q2 results: Net income of $283M, or $0.78 per share. Auto originations of $5.4B fell from a year ago, with the company remaining "disciplined" in underwriting in a competitive market.
- Full results are due on Oct. 26.