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Discover Financial Services Q1 Profit Rises - Quick Facts

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3/21/2012 4:25 PM ET

Discover Financial Services (DFS: Quote) reported that its first-quarter net income allocated to common stockholders increased to $624 million or $1.18 per share, from $459 million or $0.84 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue, net of interest expense, for the quarter rose to $1.843 billion from $1.733 billion in the prior year quarter. Seventeen analysts had consensus revenue estimate of $1.82 billion for the quarter.

"Continued improvements in credit performance, solid organic growth in each of our lending products and strong volume growth across our networks were key drivers of this quarter's earnings," said David Nelms, chairman and chief executive officer.

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by RTT Staff Writer

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