Western Asset Mortgage Capital (WMC) Misses Q3 EPS by 3c

Western Asset Mortgage Capital (NYSE: WMC) reported Q3 EPS of $0.28, $0.03 worse than the analyst estimate of $0.31.

THIRD QUARTER 2019 FINANCIAL HIGHLIGHTS

• September 30, 2019 book value per share of $10.60, net of third quarter common dividend of $0.31 per share declared on September 19, 2019.
• GAAP net income of $19.7 million, or $0.37 per basic and diluted share.
• Core earnings of $15.0 million, or $0.28 per basic and diluted share.1
• Economic return on book value was 3.8% for the quarter.1,2
• 1.69% annualized net interest margin on our investment portfolio. 1,3,4
• 5.4x leverage excluding non-recourse debt as of September 30, 2019 (8.0x leverage including non-recourse debt).

"I am very pleased to report that we delivered an economic return on book value of 3.8% for the quarter and 10.3% for the first nine months of 2019, in a market environment that continues to experience interest rate volatility," said Jennifer Murphy, Chief Executive Officer of the Company. "Our solid performance for the quarter and year-to-date is the result of the strength of our diversified portfolio and our differentiated investment strategy. Our third quarter dividend remained stable at $0.31 per share for the fourteenth quarter in a row, reflecting our commitment to our long-term goal of generating attractive total returns for our shareholders, while also providing for greater book value stability," said Ms. Murphy.

For earnings history and earnings-related data on Western Asset Mortgage Capital (WMC) click here.

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