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Tuesday, July 21, 2020

=Navient (NAVI) reported earnings on Tue 21 July 20 (a/h)

Navient beats by $0.50, beats on revs 
  • Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.50 better than the S&P Capital IQ Consensus of $0.42; revenues rose 2.4% year/year to $300 mln vs the $271.67 mln S&P Capital IQ Consensus.
  • Revenue declined $1 million primarily as a result of contract terminations and expirations that occurred in the second half of 2019, as well as the impact of COVID-19 (temporary stoppage or other restrictions on certain collection/processing activity and lower volume in the transportation business). These decreases were largely offset by revenue earned from four contracts in which we were selected in second-quarter 2020 to support states in providing unemployment benefits and contact tracing services.

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