Discovery Financial Services (DFS) Expects A Loss In First-Quarter
By Benzinga Staff
March 11, 2010 8:49 PM
March 11, 2010 8:49 PM
Discovery Financial Services (NYSE: DFS) said on Thursday that it expects to report a loss in its first-quarter, as it plans to increase loan-loss reserve.
The credit card company will report first-quarter results on March 16. Discovery said that it will register an increase of $305 million in reserves, which will bring its reserve coverage to about 12 months of losses. The company expects to report a loss of $0.22-$0.23 per share. Analysts’ polled by Thomson Reuters had forecast a profit of $0.09 in first-quarter.
Discovery Financial Services shares were down 4.29% to $14.28 in after-hours trading.
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