Santander Consumer USA delayed the release of its second-quarter earnings because its quarterly financial statements have not yet been completed, the company announced today.
The news sent Santander stock [ticker: SC] plunging, down more than 10% as of 1:28 pm ET.
“The company is currently in discussions with its current and previous independent accountants regarding certain accounting matters, primarily related to the company’s discount accretion and credit loss allowance methodologies,” SC wrote in a press release today. “The resolution of these matters may impact prior period financial statements and the timing of the filing of the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2016.”
SC previously delayed the filling of its year-end results for 2015 in March, also because its financial statements have not yet been completed. The company filed in April, after revising its “methodology for estimating credit loss allowance on individually acquired retail installment contracts,” SC said at the time.
Release of the company’s second-quarter earnings, originally scheduled for Wednesday, has not been rescheduled, but the company “is working diligently to file the Form 10-Q and schedule its earnings call as soon as practicable,” according to the release.
SC stock is trading at $10.59 a share at 1:28 pm ET today, down 10.55% on the day. The value of Santander’s stock is down more than 33% so far this year.
Santandar has a market capitalization of about $3.75 billion.
Santander was the tenth-largest auto finance company in the nation last year, according to Big Wheels Auto Finance data.
