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October 15, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Synchrony revenue up, but profit takes a hit from new tax code

Stamford’s Synchrony Financial reported solid revenue growth in the fourth quarter, but said its profit had taken a hit from the new federal tax law.

Synchrony Financial’s headquarters at 777 Long Ridge Road in Stamford. Photo by Alexander Soule

The financial services company, which was a subsidiary of GE Capital until it was spun off in 2014, reported fourth-quarter revenue of about $3.9 billion, 8 percent higher than the previous fourth quarter. Net income for the quarter was $385 million, compared with $576 million a year ago. The latest figure reflected an additional tax expense of $160 million related to changes in the tax code.

For the full year of 2017, Synchrony posted about $15 billion in revenues, up 11 percent from the previous year. Its full-year profits of $1.9 billion were down 14 percent from 2016.