OneMain Holdings, Inc. ( (OMF) ) has realeased its Q3 earnings. Here is a breakdown of the information OneMain Holdings, Inc. presented to its investors.
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OneMain Holdings, Inc. is a prominent provider of financial services, catering primarily to nonprime consumers by offering them responsible access to credit across the United States. The company operates within the finance sector, with a commitment to improving the financial well-being of its customers through personalized solutions available both online and in physical locations.
In its third-quarter 2024 earnings report, OneMain Holdings, Inc. announced a diluted earnings per share (EPS) of $1.31, alongside managed receivables totaling $24.3 billion. The company has declared a quarterly dividend of $1.04 per share and reported a net income of $157 million for the quarter, reflecting a decrease from the previous year’s $194 million.
Key financial performance indicators highlighted in the report include a 13% increase in consumer loan originations, amounting to $3.7 billion, and an 8% rise in total revenue to $1.5 billion, compared to the same quarter last year. The company also reported a higher interest expense of $299 million due to increased debt levels and a higher cost of funds. Additionally, the report noted an increase in the provision for finance receivable losses to $512 million, attributed to growth in receivables.
The company has also extended its share repurchase program through December 2026, repurchasing 420 thousand shares for $19 million during the quarter. This strategic move is part of OneMain’s efforts to drive shareholder value, supported by investments in technology and new products.
Looking ahead, OneMain Holdings, Inc. remains focused on leveraging its investments in technology and data science to enhance shareholder value and sustain growth. The management is optimistic about future prospects, despite challenges posed by a volatile economic environment and increasing operational expenses.
