Fed Agricult. Mortg. (AGM) Tops Q2 EPS by 9c
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Fed Agricult. Mortg. (NYSE: AGM) reported Q2 EPS of $1.23, $0.09 better than the analyst estimate of $1.14.
"We had an excellent second quarter, as reflected by significant net growth in business volume, improving spreads, good credit quality, and strong profitability," said President and Chief Executive Officer Tim Buzby. "While certain segments of agriculture are facing challenges, the overall business environment remains favorable for Farmer Mac. Our $1.3 billion in new business this quarter was generated by healthy contributions by a number of different products across our lines of business. Our Institutional Credit business grew $330 million during the quarter, with the volume balanced across multiple agricultural customers, including significant business with Rabo Agrifinance and MetLife and a new $27 million deal under our Farm Equity AgVantage product. We continue to have more Farm Equity AgVantage deals in the pipeline. Our Farm & Ranch loan purchase business had a great quarter as well, as we purchased $241 million in new loans, facilitated by our business development efforts and an increase in the demand for agricultural credit. As the agricultural economy continues to adjust to lower commodity prices and the persistence of drought conditions in some portions of the West, we continue to believe that Farmer Mac is well positioned to deliver upon its mission as credit becomes somewhat tighter in agriculture. We believe that our financial outlook is strong and that we have good opportunities in front of us."
For earnings history and earnings-related data on Fed Agricult. Mortg. (AGM) click here.
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