Synchrony Financial beats Q3 earnings estimates, shares rise

STAMFORD, Conn. - Synchrony Financial (NYSE:SYF ) reported third quarter earnings that surpassed analyst expectations, sending its shares up 1.88% in early trading on Wednesday.

The consumer financial services company posted adjusted earnings per share of $1.94 for the quarter ending September 30, 2024, beating the analyst consensus estimate of $1.80 by $0.14. This represents a significant earnings beat that drove the positive market reaction.

Total deposits for the quarter came in at $82.28 billion, falling short of analyst projections of $83.69 billion. Despite the miss on deposits, investors appeared to focus on the strong bottom-line performance.

"Our third quarter results demonstrate the strength and resilience of our business model," said Brian Doubles, President and CEO of Synchrony Financial. "We continue to execute on our strategic priorities while maintaining disciplined risk management in the current economic environment."

Synchrony Financial offers consumer financial products across various industries including retail, health, auto, and digital. The company's ability to beat earnings estimates suggests it is navigating the current economic landscape effectively, though the miss on total deposits may warrant monitoring in future quarters.

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Source: Investing.com