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* Q3 EPS $1.01 vs est $0.75 * Net interest income rises 16 pct * Operating expenses fall about 11 pct Nov 9 (Reuters) - Nelnet Inc, a consolidator of student loans, posted a third-quarter profit above Wall Street expectations, helped by lower expenses and a rise in net interest income. "The low interest rate environment and improving capital markets have allowed us to reduce our debt and improve the spread we earn on our student loan portfolio," Chief Executive Mike Dunlap said in a statement. For the quarter ended Sept. 30, the company earned $46.4 million, or 93 cents a share, compared with $23.8 million, or 48 cents a share, a year earlier. Excluding discontinued operations and restructuring charges, the company earned $1.01 a share. Analysts on average were expecting the company to earn 75 cents a share, excluding special items, according to Thomson Reuters I/B/E/S. Net interest income rose 16 percent to $69.2 million. Total operating expenses fell to $92.7 million, compared with $103.7 million last year. Nelnet reported a gain of $9.7 million on the sale of $428 million of federal student loans to the Department of Education. On June 17, The U.S. Department of Education awarded contracts to SLM Corp, Nelnet and two other companies to service its $550 billion student loan portfolio, as the government prepares to shift much of the nation's student lending into a direct loan program. Shares of the Lincoln, Nebraska-based company closed at $14.61 Friday on Nasdaq. (Reporting by Abhinav Sharma in Bangalore; Editing by Pradeep Kurup) Keywords: NELNET/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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