Ocwen Financial (OCN) Misses Q1 EPS by 51c

Ocwen Financial (NYSE: OCN) reported Q1 EPS of ($0.90), $0.51 worse than the analyst estimate of ($0.39). Revenue for the quarter came in at $307.43 million versus the consensus estimate of $346.3 million.

• Generated Cash from Operating Activities of $141 million
• Adjusted Operating Expenses down $55 million or 17% versus Q4’15

“We are pleased to see the progress of our ongoing cost improvement efforts. Companywide we saw adjusted operating expenses decline by $55 million or 17% from the prior quarter. Excluding MSR fair value changes and monitoring expenses, which we have no or limited ability to control, and our new initiative spending, our Servicing and Corporate segments reduced expenses by $80 million. We are focused on making further progress on our cost goals while continuing to enhance the borrower experience. We also remain committed to investing in our lending businesses, which we believe will drive earnings growth in the future,” commented Ron Faris, President and CEO of Ocwen. “Unfortunately, $(30) million of monitor costs and $(33) million in MSR value decline from the drop in interest rates during the quarter negatively impacted the first quarter results,” said Faris.

For earnings history and earnings-related data on Ocwen Financial (OCN) click here.

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