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Santander Consumer USA +12% on $1B buyback plan, strong Q4

Jan. 29, 2020 9:55 AM ETSantander Consumer USA Holdings Inc. (SC) StockSCBy: Liz Kiesche, SA News Editor
  • Santander Consumer USA (NYSE:SCsurges 12% after the lender announces plans to buy back up to $1B of shares of its common stock through a so-called modified Dutch Auction tender offer.
  • Will offer to buy back shares at a range of $23-$26 per share.
  • The maximum number of shares proposed to be purchased in the offer represents ~13% of SC's currently outstanding common stock.
  • Expects to start the offer on Jan. 30 with expiration set for 12:00 midnight ET on Feb. 27, 2020.
  • SC also reports Q4 EPS of 43 cents, up from 29 cents in the year-ago quarter and beating the consensus of 37 cents.
  • Q4 total auto loan originations of $7.5B, up 9% Y/Y, with core retail auto loan originations of $2.4B, up 9%.
  • Q4 30-59 delinquency ratio of 9.7%, down 130 basis points, and 59+ delinquency ratio of 5.1%, down 90 bps.
  • Previously: Santander Consumer EPS beats by $0.06, misses on revenue (Jan. 29)

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