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LINCOLN, Neb. - Nelnet (NYSE:NNI) reported fourth-quarter earnings that surpassed analyst expectations, sending its shares up 7.7% in after-hours trading. The diversified education services company posted adjusted earnings per share of $1.73, beating the consensus estimate of $1.25 by $0.48.
Revenue for the quarter came in at $401.61 million, significantly above the analyst forecast of $335.5 million and up from $336.4 million in the same quarter last year. The strong performance was driven by growth across multiple business segments.
Nelnet’s loan servicing and systems segment saw revenue increase to $138 million in Q4, up from $128.8 million YoY. The education technology services and payments division also grew, with revenue rising to $108.3 million from $106.1 million in the prior-year period.
"We are pleased with the results in the fourth quarter of 2024 and optimistic about the opportunities ahead in 2025," said Jeff Noordhoek, CEO of Nelnet. He noted that 2024 was a "record-breaking" year for the company’s Nelnet Business Services segment.
The asset generation and management segment reported loan and investment net interest income of $48.3 million, up from $35.6 million YoY, despite a decrease in average loan balances. Nelnet Bank saw its loan and investment net interest income nearly double to $12.9 million.
For the full year 2024, Nelnet reported net income of $184 million, or $5.02 per share, compared to $89.8 million, or $2.40 per share, in 2023. The company’s diversified business model helped offset declines in its legacy student loan portfolio with growth in other areas.
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