Altisource Residential (RESI) Misses Q4 EPS by 63c

Altisource Residential (NYSE: RESI) reported Q4 EPS of ($1.14), $0.63 worse than the analyst estimate of ($0.51). Revenue for the quarter came in at $24.32 million versus the consensus estimate of $25.41 million.

Fourth Quarter 2016 Highlights and Recent Developments

• Executed a non-binding letter of intent to purchase up to 3,500 rental homes with seller financing from two entities sponsored by Amherst Holdings, LLC, with the first closing expected to occur in the first quarter of 2017.1
• Successfully integrated the recently purchased portfolio of 4,262 rental properties into RESI’s growing single-family rental business.
• Increased fourth quarter 2016 rental revenue by 154% over the third quarter to $24.3 million.
• Agreed to two loan sales totaling 2,940 mortgage loans with an unpaid principal balance (“UPB”) of $694.7 million for estimated proceeds of approximately 97% of the September 30, 2016 balance sheet carrying value. Upon completion, the sales are expected to represent the divestiture of substantially all of RESI's mortgage loan portfolio.2
• Sold 468 non-rental REO properties.
• Completed repurchases of $2.8 million of stock, bringing total repurchases under the repurchase program to $46.5 million.

For earnings history and earnings-related data on Altisource Residential (RESI) click here.

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