Synchrony Financial (SYF), a consumer financial services company, on Tuesday announced that its first quarter net earnings declined, compared with the previous year. On an adjusted basis, earnings beat estimates.
For the first quarter, net earnings available to common stockholders declined $736 million from $1.28 billion last year.
Earnings per share were $1.89 versus $3.14 in the prior year. On an adjusted basis, including Pets Best sale impact, earnings were $1.18 per share.
Sixteen Analysts, on average, had expected the company to report $1.65 per share. Analysts' estimates typically exclude special items.
Net interest income increased to $4.46 billion from $4.41 billion last year.
Net revenue fell to $3.72 billion from $4.80 billion in the prior year.
The company also announced that its Board has approved a new capital plan, which includes an additional $2.5 billion in share repurchases through June 30, 2026.
The company has also raised the quarterly cash dividend by 20%, increasing it to $0.30 per share starting in the second quarter of 2025.
In the pre-market trading, Synchrony is 1.99% higher at $48.17 on the New York Stock Exchange.
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