Altisource Portfolio Solutions (NASDAQ: ASPS) reported Q4 EPS of $0.59, $0.26 better than the analyst estimate of $0.33. Revenue for the quarter came in at $210.9 million versus the consensus estimate of $179.8 million.

Fourth Quarter 2018

• Service revenue of $210.9 million
• Operating income of $2.0 million and adjusted operating income(1) of $24.3 million
• Loss before income taxes and non-controlling interests of $(12.8) million and adjusted pre-tax income attributable to Altisource(1) of $17.6 million, or 8.3% of service revenue
• Net loss attributable to Altisource of $(11.5) million, or $(0.69) per share, and adjusted net income attributable to Altisource(1) of $10.1 million, or $0.59 per diluted share

“2018 has been a productive year for Altisource, and we are actively taking steps to position the Company for a solid 2019 and better 2020. From a financial perspective, we substantially exceeded the mid-point of our adjusted pre-tax income and adjusted earnings per share financial scenarios, and generated strong adjusted operating cash. On the sales front, we are winning business and expanding relationships with some of the largest financial institutions in the United States. Operationally, we began to exit certain businesses and established Project Catalyst, to streamline the organization, focus on our larger opportunities, and help us achieve our longer term financial objectives,” said Chief Executive Officer William B. Shepro.

Mr. Shepro further commented, “From a capital perspective, we refinanced our term loan in April 2018, extending the maturity from December 2020 to April 2024. We reduced our debt by approximately $75 million during the year and ended 2018 with $339 million of debt, $244 million of net debt less investment in equity securities(1) and $204 million after further reducing for the book value of homes in the buy-renovate-lease-sell business. We also repurchased $40 million of Altisource stock, bringing the number of outstanding shares to 16.3 million at the end of the year.”

For earnings history and earnings-related data on Altisource Portfolio Solutions (ASPS) click here.