Ocwen Financial (OCN) Misses Q2 EPS by 13c, Revenues Miss

Ocwen Financial (NYSE: OCN) reported Q2 EPS of ($0.22), $0.13 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $253.58 million versus the consensus estimate of $256 million.

“In the second quarter of 2018, Ocwen has remained focused on four areas: helping homeowners, resolving legacy regulatory and legal matters, investing excess cash and preparing for our merger with PHH,” commented John Britti, Chief Executive Officer of Ocwen. “We have made progress in all four areas. Ocwen completed 10,752 modifications to help homeowners stay in their homes while providing loan investors better outcomes than foreclosure. Regarding legacy regulatory and legal matters, we believe that as a result of court rulings, settlements and ongoing negotiations, we are continuing to make progress on this front. We also continued the process of prudently deploying our excess cash in both short-term liquid and longer-term business investments. Our primary emphasis, however, has been on developing our plans for integration upon closing of our merger with PHH. We have made solid progress towards closing the transaction, and we are currently targeting closing the acquisition in the third quarter of 2018. Our integration planning has progressed sufficiently for us to revise our annual synergy run-rate target up to $100 million over annualized Q2 2018 operating expenses for both companies combined.”

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

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