Discover’s 3Q net income up nearly 9 percent

SHARE Discover’s 3Q net income up nearly 9 percent

RIVERWOODS — Discover Financial Services says its third-quarter net income increased nearly 9 percent to beat market expectations.

The credit card issuer and lender’s gains were made on increased credit card spending and overall lending.

Discover said Tuesday that its net income after preferred dividends rose to $630 million, or $1.37 per share. That compares with $579 million, or $1.20 per share, a year earlier. Revenue net of interest expense rose to $2.19 billion from $2.06 billion.

Analysts polled by FactSet expected earnings of $1.34 per share on revenue of $2.2 billion.

Shares of the Riverwoods-based company ended regular trading up $1.68 to $64.38 and added 13 cents in extended trading following the report.

The Latest
They couldn’t hold a late one-goal lead, allowing the Union’s Daniel Gazdag to score in the third minute of second-half stoppage time in a 2-2 draw.
A happened about 5:45 p.m. Saturday in the 15200 block of South Meadow Lane.
The two were on a sidewalk about 4 p.m. in the 2800 block of West Polk Street when someone pulled up in a car and fired shots.
Wisdom hit an RBI double in the Cubs’ spring-training victory Saturday against the Giants.