Tags: US | Earns | Discover | Financial

Discover Profit Falls Due to Year-Ago Settlement

Monday, 20 Sep 2010 09:21 AM

Credit card company Discover Financial Inc. says third-quarter net income fell, but profit would have nearly doubled excluding a big boost from a lawsuit settlement last year.

Net income was $258.2 million, or 47 cents 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 premarket trading.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
FinanceNews
Credit card company Discover Financial Inc. says third-quarter net income fell, but profit would have nearly doubled excluding a big boost from a lawsuit settlement last year.Net income was $258.2 million, or 47 cents cents per share. That compares with $552.9 million, or...
US,Earns,Discover,Financial
121
2010-21-20
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved