* Q4 adj EPS $1.64 vs est $1.21
* Fee based income rises 13 pct
* Net interest income more than doubles
March 3 Nelnet Inc (NNI.N) posted a quarterly
profit that beat Wall Street expectations as the consolidator
of student loans managed to reign in expenses and received a
boost from its fee-based revenue.
For the fourth quarter, the company earned $59.1 million,
or $1.18 a share, compared with $31 million, or 63 cents a
share, a year earlier.
Excluding discontinued operations, restructuring charges
and impairment expenses, the company earned $81.3 million, or
$1.64 a share, which compares with analysts estimates of $1.21
as per Thomson Reuters I/B/E/S.
Fee-based revenue for the quarter rose 13 percent to $36
million and total operating expenses fell 12 percent to $90.3
million, Nelnet said in a regulatory filing.
The company said it was servicing about $3.4 billion of
loans on behalf of the Department of Education at the end of
Dec. 31, of which about $1.5 billion was incremental volume
previously serviced by other companies.
Nelnet said net interest income for the quarter was at
$80.5 million, compared with $38.5 million, a year ago.
Shares of the Lincoln, Nebraska-based company closed at
$16.90 Tuesday on Nasdaq.
(Reporting by Archana Shankar in Bangalore; Editing by