Discover Financial Services (DFS) reported that its first quarter net income was $120.39 million, up from $81.21 million in the first quarter of 2008. On a per share basis, net income for the quarter was $0.25, compared to $0.17 in the year ago quarter.
Net income for the first quarter of 2009 includes approximately $297 million (after-tax) related to the Visa/MasterCard antitrust litigation settlement.
Earnings from Continuing Operations for the quarter was $120.39 million, compared to $238.83 million in the same quarter of last year. Earnings from Continuing Operations for the quarter was $0.25 per share, compared to $0.50 per share in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report a net loss of $0.16 per share. Analysts' estimates typically exclude special items.
Revenue Net of Interest Expense for the quarter was $1.69 billion, compared to $1.30 billion in the year ago quarter.
The company also announced it reduced its quarterly dividend to $0.02 per share. The company's board declared a cash dividend of $0.02 per share, payable on April 22, 2009, to stockholders of record at the close of business on April 1, 2009.
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