Santander Consumer USA (SC) Tops Q1 EPS by 26c

Santander Consumer USA (NYSE: SC) reported Q1 EPS of $0.67, $0.26 better than the analyst estimate of $0.41. Revenue for the quarter came in at $1.63 billion versus the consensus estimate of $1.64 billion.

Q1 2018 Highlights (variances compared to the first quarter of 2017 ("Q1 2017"), unless otherwise noted):

• Total auto originations of $6.3 billion, up 18%
  • Core retail auto loan originations of $2.3 billion, up 4%
  • Chrysler Capital loan originations of $1.9 billion, up 24%
  • Chrysler Capital lease originations of $2.1 billion, up 31%
• Chrysler average quarterly penetration rate of 28%, up from 23% during the same quarter last year
• Net finance and other interest income of $1.0 billion, decreased 8%
  • Net leased vehicle income of $146 million, increased 14%
• Retail Installment Contract "RIC" gross charge-off ratio of 18.5%, up 40 basis points
• RIC net charge-off ratio of 8.3%, down 50 basis points
• Troubled Debt Restructuring ("TDR") balance of $6.0 billion, down from $6.3 billion as of December 31, 2017
• Auction-plus recovery rate of 55.1%, up 400 basis points
• Return on average assets of 2.4%, up from 1.5%
• Common equity tier 1 ("CET1") ratio of 16.9%, up from 13.8%
• Expense ratio of 2.4%, flat
• Asset sales of $1.5 billion executed through the Santander flow agreement
• $3.3 billion in asset-backed securities "ABS" offered and sold
• Launched pilot program with Santander Bank, N. A. to facilitate the origination and servicing of primarily Chrysler loans
• Reached agreements with AutoFi and AutoGravity expanding SC's digital partnerships in an effort to further streamline and simplify the car-buying process for consumers

For earnings history and earnings-related data on Santander Consumer USA (SC) click here.

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