Altisource Residential (RESI) Misses Q3 EPS by 39c, Miss on Revenues

Altisource Residential (NYSE: RESI) reported Q3 EPS of ($0.80), $0.39 worse than the analyst estimate of ($0.41). Revenue for the quarter came in at $23.67 million versus the consensus estimate of $33.4 million.

Third Quarter 2017 Highlights and Recent Developments

• Confirmed the fourth quarter 2017 closing of a portfolio of approximately 1,750 to 2,000 single-family rental homes, representing the final purchase under the previously announced agreement to acquire up to 3,500 rental homes from entities sponsored by Amherst Holdings, LLC.1
• Awarded the sale of up to 365 mortgage loans to a third party, leaving only 66 legacy loans in the portfolio.2
• Sold 450 non-rental REO properties, reducing the number of non-rental REOs by 30% over the prior quarter.
• Stabilized Rental Net Operating Income Margin improved to 65.8%, Stabilized Rental Core Funds from Operations improved to $0.15 per diluted share and stabilized occupancy was 93%.3
• Estimated total financial impact of Hurricanes Harvey and Irma is $2.0 to $3.0 million, including insurance deductibles and minor repair costs.

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

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