Tue, Feb. 3, 8:36 AM
- Q4 net income of $247M or $0.69 per share vs. $191.4M and $0.54 one year ago. ROE of 29.1% vs. 17.3%. ROA of 3.1% vs. 1.8%.
- Total originations of $6.1B vs. $5.8B one year ago. Full-year originations up 33% Y/Y.
- Finance receivables, loans and leases, net up 23% Y/Y to $28.8B.
- Credit loss provisions fell to $560M in Q4 from $770M in Q3 and $629M a year ago. The allowance for loan loss ratio falls to 11.5% from 12.1% a quarter earlier. This boosted EPS by $0.11 per share. "Based on the trends we are seeing in the market as well as in our portfolio, we remain confident in the adequacy of our coverage," says the CFO.
- Conference call at 9 ET
- Previously: Santander Consumer beats by $0.13, revenue in-line (Feb. 3)
- SC +2.2% premarket
Tue, Feb. 3, 6:45 AM| Comment!
Mon, Feb. 2, 5:30 PM
Nov. 4, 2014, 11:02 AM
- Q3 net income of $191.4M or $0.54 per share vs. $111.2M and $0.32 one year ago.
- Total originations of $7.4B up 13% Y/Y. Originations include more than $3B of Chrysler retail loans originated for own portfolio.
- Finance receivables of $27.3B up 3% from Q2, up 17% from the start of the year.
- Net finance and other interest income of $1.1B up 24% Y/Y. Provisions of $770M vs. $598M a year ago. Net charge-off ratio of 7.9% up 140 bps from a year ago. Delinquency ratio of 4.1% up marginally from a year ago.
- "As the unsecured portfolio seasons and used car values decrease from recent highs, net charge-offs are increasing both quarter-over-quarter and year-over-year," says the company, with the CFO noting seasonality as making things look worse than they may actually be.
- BTIG's bullish Mark Palmer is pleased with the strong originations, but nevertheless mindful of the credit worries. He cuts his price target to $26 from $31.
- Previously: Santander Consumer misses by $0.06, beats on revenue
- SC -7.4%
Nov. 4, 2014, 6:55 AM| Comment!
Jul. 31, 2014, 7:22 AM| Comment!
May. 1, 2014, 1:23 PM
- In its first report since coming public, Santander Consumer USA (SC +1.4%) shows Q1 core net income of $157.3M or $0.44 per share, up from $113.9M and $0.33 last quarter. Core ROE of 22.4%, core ROA of 2.3%. Board declares quarterly dividend of $0.15 per share, equating to a 2.6% annualized yield.
- Origination volume of over $6.9B of consumer loans and leases includes fast action from the Chrysler partnership, with over $3.5B in loans and $1.2B in leases.
- The Chrysler deal also means a shift to higher credit quality clients, bringing average APR on Q1 originations to 13.7% vs. 17.4% for all of 2013.
- Net interest income of $1B is up 43% from 2013 Q1. Loan loss provision of $699M vs. $217M a year ago. Portfolio size is 51% larger.
- Core operating expenses of $199M up 33%. Core efficiency ratio of 16.9% vs. 18.4%.
- Source: Press Release
SC vs. ETF Alternatives
Santander Consumer USA Holdings Inc is engaged in indirect origination of retail installment contracts principally through manufacturer-franchised dealers in connection with their sale of used and new automobiles and light-duty trucks to retail consumers.
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