Discover Profit Exceeds Most Estimates, Shares Climb
This article is for subscribers only.
Discover Financial Services, the payments processor whose stock has outperformed its three larger U.S. rivals this year, advanced 3.8 percent after posting third-quarter profit that exceeded most estimates.
Net income for the three months ended Aug. 31 was $260.6 million, or 47 cents a share, compared with $577.5 million in the same period a year earlier, which included a $287 million gain from a legal settlement, the Riverwoods, Illinois-based lender said today in a statement. The average estimate of 16 analysts surveyed by Bloomberg was 38 cents.