real-time news and commentary for investors
Thursday, Aug 1
Ocwen operating earnings up 24% from a year ago
- Net income of $76.7M or $0.53/share compares to $44.8M and $0.32 a year ago. Operating income of $155.2M vs. $125.5M last year. Revenue of $530M up 151% Y/Y. Cash flow from operations of $295.5M.
- Chairman Bill Erbey: "Higher interest rates will have little negative impact on earnings, as we have only a modest component of income related to originations (is that a dig at competitor Nationstar?), and assets and debt are match funded."
- Earnings call at 11 ET. (PR)
- Ocwen (OCN +2.6%) - other specialty servicers: Nationstar (NSM +3.8%), Walter Investment (WAC +3%), Home Loan Servicing (HLSS +1.2%).
- Related names: Altisource Portfolio Solutions (ASPS +1.4%), Altisource Residential (RESI +0.8%), Altisource Asset Management (AAMC.OB +5.1%).