NEWARK, Del. (AP) _ SLM Corp. (SLM) on Wednesday reported fourth-quarter net income of $432.7 million.

The Newark, Delaware-based company said it had net income of $1.13 per share. Earnings, adjusted for non-recurring costs, were $1.15 per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The student loan company posted revenue of $480.5 million in the period. Its adjusted revenue was $366.5 million.

For the year, the company reported profit of $880.7 million, or $2.25 per share. Revenue was reported as $1.48 billion.

Sallie Mae expects full-year earnings to be $2.20 to $2.40 per share.

Sallie Mae shares have decreased slightly more than 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.22, an increase of 9% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLM at https://www.zacks.com/ap/SLM

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