Synchrony Financial (NYSE:SYF) came out with its second quarter earnings results on Tuesday 21st July 2020 before market open.
The consumer financial services provider, reported $ 0.06 income per share for the quarter, missed the consensus estimate of $ 0.15 income per share by $ 0.09 or 60 percent.
The second quarter earnings include an increase in the provision for credit losses as a result of CECL implementation earlier this year of $ 483 million, or $ 365 million after tax, which equates to reduction of $ 0.63 per share.
The quarterly earnings decreased 95.16 percent compared with the same quarter last year.
The firm had revenue of $ 3,396.00 million for the quarter, compared to the consensus estimate of $ 3614.75 million. The revenues fell short of analysts estimates by $ 218.75 million or 6.05 percent.
The financial report showed revenues dropped 18.27 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Margaret Keane, Chief Executive Officer of Synchrony Financial, stated, We continue to support our employees, partners, customers and communities during the uncertainty of todays health and economic crisis. In addition, our country is awakening to the need to meaningfully address racial injustice and equality. We continue to be guided by the principle of putting clients, partners, shareholders and communities at the forefront of all we do, and believe that the values which underpin our organization will empower us to become an even stronger, better company.
