Synchrony Financial (SYF) has announced an increase in its profits for the first quarter compared to the same time last year, surpassing the projections made by Wall Street.
The profit was reported at $1.28 billion, translating to earnings of $3.14 per share. This is a substantial increase compared to the $590 million, or $1.35 per share, reported during the same quarter last year.
On average, analysts had predicted that the company would earn $1.35 per share, cites information compiled by Thomson Reuters. It is important to note that these predictions usually exclude special items.
As an overview of Synchrony Financial's earnings based on Generally Accepted Accounting Principles (GAAP):
The first quarter earnings were $1.28 billion, compared to $590 million the previous year. The earnings per share (EPS) for the first quarter were $3.14, in contrast to $1.35 during the same period the previous year.
