OneMain Holdings Inc. (OMF) shares surged 6.69% on Monday, lifted by the company's strong third-quarter 2024 financial results and continued loan portfolio expansion.
The consumer finance company reported adjusted earnings per share of $1.26 for the quarter ended September 30, 2024, surpassing analyst estimates of $1.14. While total revenue of $972 million missed expectations slightly, it grew 7.88% year-over-year, driven by a 9% increase in interest income.
OneMain's net finance receivables rose 11% from a year earlier to $23.1 billion, as consumer loan originations climbed 13% to $3.7 billion. The company's allowance for finance receivable losses and delinquency ratios remained relatively stable, indicating steady credit quality.
Reflecting its financial strength, OneMain extended its share repurchase program through December 2026 and maintained its quarterly dividend at $1.04 per share. These shareholder-friendly actions, combined with the company's robust earnings and loan growth, boosted investor confidence and drove the stock higher.
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