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Jun 30, 2022
Meta Q3 2022 Earnings Report
Announced results for the 2022 fiscal third quarter with a net income of $22.4 million.
Key Takeaways
Pathward Financial, Inc. reported a net income of $22.4 million, or $0.76 per share, for the third quarter of fiscal year 2022. The results were impacted by a slowdown in the renewable energy tax credit lending market and one-time expenses related to rebranding and efficiency initiatives.
Total revenue for the third quarter was $126.1 million, a decrease of 4% compared to the same quarter in fiscal 2021.
Net interest income for the third quarter was $72.2 million, an increase of $3.7 million compared to the third quarter last year.
Total gross loans and leases at June 30, 2022 increased $188 million, or 5%, compared to June 30, 2021 and decreased $43 million, or 1%, when compared to March 31, 2022.
The Company reinstated guidance and expects fiscal year 2023 GAAP earnings per share to be in the range of $5.25 and $5.75.
Meta
Meta
Forward Guidance
The Company reinstated guidance and expects fiscal year 2022 GAAP earnings per share to be in the range of $5.04 and $5.24 and fiscal year 2023 GAAP earnings per share to be in the range of $5.25 and $5.75.
Positive Outlook
- Expects fiscal year 2022 GAAP earnings per share to be in the range of $5.04 and $5.24
- Expects fiscal year 2023 GAAP earnings per share to be in the range of $5.25 and $5.75
- Assumes a Fed Funds rate of 3.5% by September of 2023
- When adjusting for gain on sale of trademarks, rebrand related expenses, and separation related expenses, the Company expects fiscal year 2022 adjusted earnings per share to be in the range of $4.28 and $4.48
- Expects fiscal year 2023 adjusted earnings per share to be in the range of $5.10 and $5.60