OneMain Holdings (OMF) came out with quarterly earnings of $1.45 per share, beating the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5.07%. A quarter ago, it was expected that this consumer finance company would post earnings of $1.35 per share when it actually produced earnings of $1.39, delivering a surprise of 2.96%.Over the last four quarter ...

Financial Performance - OneMain reported pretax income of $204 million and net income of $155 million for Q1 2024, down from $235 million and $179 million in the prior year quarter[1]. - Earnings per diluted share decreased to $1.29 in Q1 2024 from $1.48 in the prior year quarter, impacted by a $27 million restructuring charge[1]. - C&I adjusted pretax income was $233 million in Q1 2024, slightly down from $236 million in the prior year quarter[4]. - Net income for Q1 2024 was $155 million, compared to $165 million in Q4 2023, reflecting a decrease of 6.1%[24]. - The diluted EPS for Q1 2024 was $1.29, down from $1.38 in Q4 2023, representing a decline of 6.5%[24]. - Adjusted pretax income (non-GAAP) for Q1 2024 was $233 million, up from $223 million in Q4 2023[33]. - Adjusted net income (non-GAAP) for Q1 2024 was $175 million, compared to $167 million in Q4 2023[33]. - The adjusted diluted EPS for Q1 2024 was $1.45, an increase from $1.39 in Q4 2023[33]. Loan Originations and Receivables - Consumer loan originations totaled $2.5 billion in Q1 2024, a 10% decline from $2.8 billion in the prior year quarter[7]. - Managed receivables reached $22.0 billion as of March 31, 2024, a 6% increase from $20.6 billion a year earlier[6]. - The net finance receivables stood at $21.083 billion, slightly down from $21.349 billion in Q4 2023[26]. - Total net finance receivables stood at $21,083 million in Q1 2024, a decrease from $21,349 million in Q4 2023[35]. - Average net receivables for consumer loans in Q1 2024 were $20,903 million, slightly down from $20,980 million in Q4 2023[40]. - Origination volume for consumer loans in Q1 2024 was $2,523 million, a decrease from $3,014 million in Q4 2023[40]. Interest Income and Expense - Interest income increased to $1.2 billion in Q1 2024, up 7% from $1.1 billion in the prior year quarter, driven by higher average net finance receivables[7]. - Interest expense rose to $276 million in Q1 2024, a 16% increase from $238 million in the prior year quarter[8]. - For Q1 2024, OneMain Holdings reported net interest income of $896 million, a decrease of 2.3% from $917 million in Q4 2023[24]. - Net interest income for Q1 2024 was $896 million, compared to $915 million in Q4 2023, reflecting a decrease of approximately 2.1%[33]. Asset and Equity Position - Total assets as of March 31, 2024, were $23.908 billion, a decrease from $24.294 billion at the end of 2023[26]. - Cash and cash equivalents increased to $831 million from $544 million year-over-year, showing a significant improvement in liquidity[27]. - Total shareholders' equity rose to $3.214 billion from $3.186 billion in the previous quarter, indicating a positive trend in equity growth[27]. - The net leverage ratio remained stable at 5.3x, consistent with the previous quarter, reflecting a stable capital structure[27]. Credit Quality and Charge-offs - The provision for finance receivable losses was $431 million, down from $446 million in the previous quarter, indicating a slight improvement in credit quality[24]. - Net charge-offs for Q1 2024 totaled $457 million, compared to $415 million in Q4 2023, indicating an increase in charge-offs[37]. - Gross charge-offs for consumer loans in Q1 2024 were $522 million, up from $468 million in Q4 2023, reflecting a rising trend[40]. - Net charge-off ratio for consumer loans increased to 8.58% in Q1 2024 from 7.70% in Q4 2023[40]. - The allowance for finance receivable losses was $2,454 million in Q1 2024, compared to $2,480 million in Q4 2023, indicating a slight reduction[35]. Dividends and Share Repurchase - The company declared a quarterly dividend of $1.04 per share, representing a 4% increase from the previous dividend of $1.00[2]. - The company repurchased approximately 109 thousand shares of common stock for $5 million during the quarter[3]. Regulatory Changes - OneMain Holdings adopted ASU 2018-12 on January 1, 2023, impacting the accounting for long-duration contracts and necessitating a recast of prior financial information[30]. Overall Revenue - Total revenue for the fiscal year 2023 was $874 million, compared to $1,206 million in fiscal year 2022[37].

SAN CARLOS, Calif., April 22, 2024 (GLOBE NEWSWIRE) -- Oportun (NASDAQ:OPRT) ("Oportun", or the "Company"), a mission-driven fintech, today announced the appointment of Scott Parker as a new independent director and Richard Tambor as an observer to Oportun's Board of Directors, each effective immediately. Tambor will stand for election to Oportun's Board of Directors at Oportun's 2024 annual shareholder meeting later this year. The appointments are in connection with a cooperation agreement (the "Agreement" ...

NEW YORK, April 9, 2024 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, plans to report its first quarter 2024 results before the market opens on Tuesday, April 30, 2024. The earnings release will be available on OneMain's investor relations website at http://investor.onemainfinancial.com. A conference call to discuss the company's results, outlook and related matters will be held that morning at 9:00 a.m. Eastern. The general publi ...

A Walmart Supercenter cart sits outside of the store on February 20, 2024, in Hallandale Beach, Florida.When markets get rocky, dividend-paying stocks can give investors' portfolios the cushioning they need to ride out volatile times.Finding the right dividend payers can be difficult, though. Investors can turn to the expertise of Wall Street analysts who can identify stocks with long-term growth potential and the ability to generate the solid cash flows needed to support continued dividends.Here are three ...

OneMain Holdings, Inc. (OMF) has completed its previously announced deal to acquire Foursight Capital LLC from Jefferies Financial Group Inc. (JEF) . As part of its efforts to expand into the automobile lending business, OMF announced the transaction in November 2023.Being an automobile finance company, Foursight purchases and services automobile retail installment contracts primarily made to near-prime borrowers across 38 states. The contracts are sourced through an extensive network of dealers.OneMain, wh ...

NEW YORK, April 1, 2024 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF) ("OneMain"), the leader in offering nonprime consumers responsible access to credit, announced today that it has completed its previously announced acquisition of Foursight Capital LLC ("Foursight"). Founded in 2012, Foursight is an automobile finance company that purchases and services automobile retail installment contracts primarily made to near-prime borrowers across the country. Contracts are sourced through an extensive network ...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb” (Good) of American Health and Life Insurance Company (AHLIC) and Triton Insurance Company (Triton) (both domiciled in Fort Worth, TX). Both companies are wholly owned subsidiaries of OneMain Holdings, Inc. (OneMain) [NYSE: OMF] (headquartered in Evansville, IN). The outlook of these Credit Ratings (ratings) is stable. The ratings of AHLIC reflect its balance shee ...

NEW YORK, March 7, 2024 /PRNewswire/ -- New research released today shows that students who took OneMain Financial's proprietary credit education course for high school students – Build: Credit Fundamentals – demonstrated significant improvement in understanding the importance of building and maintaining good credit, critical skills in successfully managing finances. "The Importance of Credit-Based Education for High School Students," developed by EVERFI from Blackbaud, the leader in powering social impact ...

NEW YORK, Feb. 13, 2024 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, today announced the appointments of Jenny Osterhout as the company's Chief Financial Officer (CFO) and Micah Conrad as the company's Chief Operating Officer (COO), both effective March 31, 2024. Osterhout currently serves as the company's Chief Strategy Officer, and Conrad currently is the company's CFO. "Micah built a world class funding program and led discipl ...